India, South Korea Deepen Economic Cooperation with Multiple MoUs

New Delhi, Apr 21 (KNN) India and South Korea have underscored their intent to deepen economic cooperation, with both sides highlighting the potential to significantly expand bilateral trade and investment ties.

Addressing the India–Korea Business Forum, visiting President of South Korea Lee Jae Myung described India as a key pillar of the global economy and noted that bilateral trade has considerable scope for growth. 

He indicated that trade volumes could expand further alongside ongoing discussions to upgrade the Comprehensive Economic Partnership Agreement (CEPA). 

He also emphasised collaboration in high-technology sectors, including artificial intelligence, and greater engagement in areas such as shipping, along with strengthening people-to-people ties.

India and South Korea have signed a Memorandum of Understanding (MoU) on the India–Korea Industrial Cooperation Committee, establishing four working groups covering trade, industry, strategic resources, and clean energy. In total, 16 MoUs have been signed to strengthen collaboration across sectors.

Union Minister of Commerce and Industry Piyush Goyal said both countries are working towards doubling bilateral trade to USD 54 billion by 2030 from the current levels, supported by a fast-track approach to upgrading CEPA. 

He noted that efforts will focus on improving market access, addressing non-tariff barriers, easing rules of origin, and enhancing ease of doing business.

The Minister also highlighted discussions on establishing a Korea-specific industrial enclave in India with plug-and-play infrastructure to facilitate investments by Korean firms and enhance their access to domestic and global markets.

Both sides identified sectors such as semiconductors, electronics, advanced manufacturing, e-mobility, green energy, shipbuilding, and digital trade as key areas of cooperation, reflecting complementarities between the two economies.

Industry representatives noted that closer collaboration could support the development of resilient supply chains and expand opportunities for co-production and innovation.

(KNN Bureau)