“India Key Pillar of Global Economy”: Korean President
India–Korea aim to double trade to $54 billion by 2030 amid CEPA push
- Korea President calls India a global economic pillar
- 16 MoUs signed at India–Korea Business Forum
- Target to double trade to $54 billion by 2030
- CEPA upgrade talks to be fast-tracked
GG News Bureau
New Delhi, 20th April: President of the Republic of Korea Lee Jae Myung on Monday described India as a “key pillar of the global economy,” underlining the country’s growing economic influence and vast market potential.
Addressing the India–Korea Business Forum in New Delhi, the Korean President said India, as the world’s fourth-largest economy with a population of 1.4 billion, offers immense opportunities for trade and investment expansion.
Highlighting future prospects, he said bilateral trade between India and South Korea is poised to double, supported by ongoing negotiations to upgrade the Comprehensive Economic Partnership Agreement (CEPA).
The two sides have set a target to increase trade from the current $27 billion to $54 billion by 2030.
Union Minister Piyush Goyal said 16 Memorandums of Understanding (MoUs) were signed at the forum, marking a major step in strengthening bilateral economic engagement.
He highlighted the MoU on the India–Korea Industrial Cooperation Committee as a key initiative, featuring working groups on trade, industry, strategic resources and clean energy.
Both countries identified sectors such as semiconductors, electronics, e-mobility, green energy, shipbuilding and digital trade as areas of strong collaboration.
The Korean President also emphasised the need to prepare future-ready industries through cooperation in advanced technologies, including artificial intelligence.
Goyal said discussions were held on establishing a Korea-specific industrial enclave in India with plug-and-play infrastructure to attract investments and facilitate Korean companies’ entry into the Indian market.
He noted that India’s large domestic demand and preferential access to global markets through free trade agreements make it an attractive investment destination.
Both sides agreed to pursue a fast-track, mission-mode approach to upgrade the CEPA, focusing on easing trade barriers, improving market access and enhancing ease of doing business.
