New Delhi, April 20 -- On Monday, South Korean President Lee Jae Myung and Union Commerce Minister Piyush Goyal outlined an expansive vision for India-Korea economic cooperation at the India-Korea Business Forum, setting the stage for transformative bilateral engagement across multiple sectors.
The two nations have set an ambitious target to raise bilateral trade to $50 billion by 2030, a significant jump from present levels.
This objective reflects untapped potential and the vast opportunities ahead, both leaders stressed.
Commerce Minister Goyal, meeting separately with South Korea's Trade Minister Yeo Han-koo, said negotiations will resume to upgrade the Comprehensive Economic Partnership Agreement (CEPA)-a critical institutional framework that had stalled.
"We discussed ways to resume and revamp the India-Korea CEPA upgrade negotiations and explored opportunities for deeper cooperation in industrial cooperation, green energy and digital trade," Goyal stated, emphasising shared commitment to mutual growth.
Invoking the ancient maritime connection dating back 2,000 years-symbolised by Queen Heo of Ayuta and the Pasa Stone Pagoda-President Lee wove contemporary economic imperatives with historical continuity.
"Had that voyage been abandoned in fear, our connection would never have begun; yet it has endured across time and continues to this day," he said, signalling renewed determination to forge deeper ties.
The forum witnessed signing of approximately 20 private-sector memoranda of understanding covering shipbuilding, digital technology, energy and semiconductors-areas where India's artificial intelligence and software capabilities complement Korea's advanced manufacturing prowess.
President Lee emphasised that combined strengths-India's jugaad spirit of innovation and Korea's daedong philosophy of shared prosperity-will ensure cooperation remains resilient against challenges.
Industrial collaboration in semiconductors, batteries, automobiles and shipbuilding featured prominently.
Beyond economics, both leaders highlighted people-to-people exchanges as bedrock for sustainable cooperation. Korean cultural influence-from K-pop and K-dramas to Korean cuisine-has become integral to Indian life, fostering organic connections between citizens that promise lasting partnership foundations.
Published by HT Digital Content Services with permission from Millennium Post.