India–Korea Aim to Double Trade to USD 54 Billion by 2030

India and the Republic of Korea have set a target to double their bilateral trade to USD 54 billion by 2030, marking a renewed push to strengthen economic ties, the Ministry of Commerce and Industry said.

At the India–Korea Business Forum in New Delhi, South Korean President Lee Jae Myung described India as a key pillar of the global economy, highlighting its position as the world’s fourth-largest economy and its vast population of 1.4 billion. He emphasized that trade between the two nations has significant room for growth.

He also noted that ongoing negotiations to upgrade the Comprehensive Economic Partnership Agreement (CEPA) are expected to further boost economic engagement. Stressing future collaboration, he called for stronger partnerships in advanced sectors such as artificial intelligence, high-end manufacturing, and shipping.

Union Commerce and Industry Minister Piyush Goyal announced the signing of a Memorandum of Understanding to establish the India–Korea Industrial Cooperation Committee. The committee will include four working groups focused on trade, industry, strategic resources, and clean energy.

A total of 16 MoUs were signed during the forum to expand cooperation across sectors. Both countries aim to increase trade from the current USD 27 billion to USD 54 billion by 2030, requiring an annual growth rate of around 18 percent.

Goyal also said discussions are underway to set up a Korea-specific industrial enclave in India with plug-and-play infrastructure, aimed at attracting Korean investments and easing business operations. This initiative would help Korean firms access India’s large domestic market and leverage its network of free trade agreements.

Both sides agreed to fast-track the CEPA upgrade, focusing on reducing non-tariff barriers, improving market access, and enhancing ease of doing business.

Key sectors identified for collaboration include semiconductors, electronics, electric mobility, green energy, shipbuilding, and digital trade. Goyal said the two nations can work together through co-production, co-design, co-innovation, and joint participation in global markets.

Highlighting India’s growth outlook, he said the country is on track to expand from a USD 4 trillion economy to USD 30 trillion by 2047, driven by a young population, rising incomes, and continued reforms. He added that India remains a stable and attractive investment destination despite global uncertainties.

Anant Goenka, President of Federation of Indian Chambers of Commerce and Industry, said India’s scale and Korea’s innovation strengths can together build a resilient and future-ready economic partnership.

The developments mark a new phase in India–Korea relations, with both countries committed to deepening long-term economic cooperation.