India, South Korea sign MoUs across shipbuilding, tech; set $50 bn trade goal

India and South Korea on Monday inked a slew of agreements to expand cooperation in key sectors including shipbuilding, sustainability, steel and ports, as the two sides set an ambitious target to double bilateral trade to USD 50 billion by 2030.

The agreements were exchanged in the presence of Prime Minister Narendra Modi said. and South Korean President Lee Jae Myung following their talks in New Delhi.

External Affairs Minister S Jaishankar and his South Korean counterpart Cho Hyun were among those who exchanged memoranda of understanding (MoUs) ahead of the joint press briefing.

Welcoming Lee on his first visit to India, Modi described it as “extremely important” and said the partnership between the two countries would be elevated into a “futuristic” one.

“Democratic values, market economy, and respect for the rule of law are in the DNA of both our countries. We also have a common outlook in the Indo-Pacific region,” Modi said.

He noted that bilateral trade has reached about USD 27 billion and the two sides have taken “important decisions” to scale it up to USD 50 billion by 2030.

"From chips to ships, talent to technology, entertainment to energy, we will realise new opportunities for cooperation in every sector," Modi said.

The prime minister announced the launch of an India-Korea Financial Forum to boost economic ties, formation of an Industrial Cooperation Committee, and the initiation of an Economic Security Dialogue focused on critical technologies and supply chains.

He also said India would establish Korean industrial townships to facilitate investments, particularly by small and medium enterprises, and upgrade the existing bilateral trade agreement within a year.

Highlighting cooperation in emerging sectors, Modi said the two countries are launching an “India-Korea digital bridge” to deepen partnerships in artificial intelligence, semiconductors and information technology.

The leaders also emphasised expanding collaboration in cultural industries, including film, animation and gaming, with Modi announcing an India-South Korea Friendship Festival in 2028.

“In this era of global tension, India and Korea together give the message of peace and stability,” Modi said, welcoming South Korea’s decision to join the International Solar Alliance and the Indo-Pacific Oceans Initiative.

President Lee thanked Modi and the people of India for the warm hospitality and said the two leaders held “in-depth discussions” on bilateral, regional and global issues.

“India has emerged as a leader in the Global South with dynamic growth, while Korea has strengths in semiconductors, shipbuilding and cultural industries,” he said.

Lee said both countries agreed to enhance cooperation in strategic sectors such as shipbuilding, artificial intelligence, finance and defence, while also promoting people-to-people exchanges.

“In the era of uncertainty, India and Korea can be the most ideal partners for comprehensive cooperation to promote mutual growth and innovation,” he said.

The South Korean president also reaffirmed the shared goal of increasing bilateral trade to around USD 50 billion by 2030.