India, South Korea Aim To More Than Double Trade To $50 Billion

Bilateral trade between the two countries rose by nearly a quarter to $20.8 billion in the 2017/18 fiscal year that ended in March, with $16.4 billion of that in favour of South Korea.

India, South Korea Aim To More Than Double Trade To $50 Billion

Moon Jae-in and PM Modi opened the world's largest mobile phone factory near Delhi (Reuters)

New Delhi:

India and South Korea signed 11 agreements on Tuesday to expand business ties and more than double mutual trade to $50 billion by 2030, a day after the heads of both countries launched a Samsung mobile phone factory near Delhi.

Major South Korean companies including Samsung and Hyundai Motors are household names across the country, and visiting South Korean President Moon Jae-in said he hoped that smaller companies from his country could replicate their success.

"Going forward I hope that more Korean companies will invest in India so that the foundation for mutual prosperity can be further expanded," President Moon said after meeting Prime Minister Modi on the third day of his four-day visit.

Bilateral trade between the two countries rose by nearly a quarter to $20.8 billion in the 2017/18 fiscal year that ended in March, with $16.4 billion of that in favour of South Korea.

The agreements signed between the countries included accelerating negotiations to upgrade a 'comprehensive economic partnership agreement' signed in 2009, as well as expand cooperation in railways, healthcare, telecommunications and cyber security.

Both countries also agreed to explore tripartite partnership for development in third countries, beginning with capacity building programmes in Afghanistan. India already has close ties with Afghanistan and is helping to rebuild the country.

President Moon and PM Modi on Monday formally opened a new Samsung factory on the outskirts of Delhi which the company said has become the world's biggest mobile phone manufacturing plant.

After their interaction, PM Modi credited President Moon for South Korea's peace breakthrough with North Korea and offered India's support in taking that forward.

© Thomson Reuters 2018
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