On April 20, 2026, India and South Korea unveiled a comprehensive strategy aimed at significantly boosting their economic partnership, with a target to increase bilateral trade from approximately $27 billion to $50 billion by 2030. This announcement came during a high-level state visit by South Korean President Lee Jae Myung, marking the first presidential visit from South Korea to India in eight years.

Prime Minister Narendra Modi and President Lee emphasized the importance of enhancing collaboration across various sectors, specifically noting energy, critical minerals, shipbuilding, semiconductors, and steel as key areas of focus. Modi stated, "Today, we are laying the foundation for the success story of the next decade."

To facilitate this trade growth, both nations agreed to resume and intensify discussions regarding the 2010 Comprehensive Economic Partnership Agreement (CEPA) in hopes of creating a more balanced trade framework. South Korea is looking for greater market access in India, which is the world's fastest-growing major economy, while India aims to address its longstanding trade deficit.

Indian Trade Minister Piyush Goyal and South Korean Trade Minister Yeo Han-koo further discussed measures to ease non-tariff barriers and expand market access in areas like green energy and digital trade.

A significant highlight of the discussions included an agreement for a joint venture between South Korea’s POSCO Holdings and India’s JSW Group to establish a steel plant in Odisha, expected to have a production capacity of 6 million tons per year, with an investment of around $1.09 billion by 2031.

The collaboration also aims to create synergies between India's advanced artificial intelligence capabilities and South Korea's manufacturing strengths, particularly in shipbuilding, which is a critical industry for both countries. As global supply chains face pressures due to geopolitical tensions, both leaders stressed the need to ensure a stable supply of energy resources and key raw materials.

As the negotiations progress, the establishment of a ministerial-level economic cooperation committee marks a pivotal step in fostering ongoing dialogue and collaboration between India and South Korea, paving the way for a thriving economic future.