India and South Korea aim to increase bilateral trade t0 $50 billion by 2030. South Korean President Moon Jae-in and Indian Prime Minister Narendra Modi urged their business communities to step up investments and promote joint ventures. Bilateral trade between the two Asian countries was $20 billion in 2017.
The two countries signed various agreements on business cooperation, cultural exchanges, technology sharing, and scientific research.
Modi said, “On a policy level, India’s ‘Act East’ policy and South Korea’s ‘New Southern Strategy’ naturally go together. And I heartily welcome President Moon’s belief that India-South Korea relation is a founding pillar of their new Southern strategy.”
