India and South Korea have agreed to significantly expand economic cooperation, setting a target to double bilateral trade to $50 billion by 2030.

During a three-day state visit by South Korean President Lee Jae Myung — the first of its kind in eight years — both nations outlined plans to collaborate across energy, critical minerals, shipbuilding, semiconductors, and steel. Indian Prime Minister Narendra Modi described the visit as a key step toward shaping “the next decade” of economic growth.

The two countries also agreed to revive and upgrade their 2010 trade agreement, with India pushing for more balanced trade while South Korea seeks deeper access to one of the world’s fastest-growing major economies.

A new ministerial-level economic cooperation committee will oversee collaboration in areas such as nuclear energy, clean energy, trade, and investment, while both sides emphasized the need for stable energy and raw material supplies amid global disruptions linked to geopolitical tensions.

On the business front, major firms including Samsung Electronics, Hyundai Motor, and LG Group participated in a joint forum exploring opportunities in AI, manufacturing, and digital trade.

In parallel, POSCO Holdings announced plans to invest $1.09 billion in a joint venture steel plant with India’s JSW Steel in Odisha, targeting 6 million tons of annual capacity.

With current trade at around $27 billion and a notable South Korean surplus, both sides are now aiming to reduce barriers, expand market access, and accelerate negotiations to unlock the full potential of the partnership.