India, Korea trade to touch $54 billion mark by 2030: Goyal

Union Minister of Commerce and Industry Piyush Goyal on Monday highlighted the signing of the Memorandum of Understanding (MoU) on the India–Korea Industrial Cooperation Committee as a landmark step towards strengthening bilateral economic engagement.

Addressing the India-Korea Business Forum in New Delhi, Goyal said India and the Republic of Korea have been tasked by their leadership to double bilateral trade from the current USD 27 billion to USD 54 billion by 2030, requiring an annual growth rate of nearly 18 per cent.

He added that this target does not fully capture the true potential of the partnership and called for efforts to unlock the next phase of economic cooperation.

President of the Republic of Korea (ROK), H.E. Lee Jae Myung, who was also attending the India-Korea Business Forum, said India stands as a key pillar of the global economy.

He noted that there is significant scope to further expand business and trade, adding that bilateral trade has considerable room for growth and, with sustained efforts, is expected to double alongside ongoing negotiations on the Comprehensive Economic Partnership Agreement.

He emphasised the need to prepare high-tech industries for the future through collaboration and by leveraging India’s strengths in artificial intelligence. He also said cooperation in the shipping sector will be strengthened.

Meanwhile, Goyal emphasised that sectors such as semiconductors, electronics, advanced manufacturing, e-mobility, green energy, shipbuilding and digital trade offer strong complementarities between the two economies.

He noted that India and Korea can collaborate through co-production, co-design, co-creation, co-innovation and jointly serve global markets with high-quality and competitively priced products.

Highlighting India’s economic trajectory, Goyal said the country, currently a USD 4 trillion economy, is on a roadmap to reach USD 30 trillion by 2047, when it celebrates 100 years of independence.

He described this transformation as a once-in-a-lifetime opportunity for businesses, driven by a large and talented young population, the aspirations of 1.4 billion citizens, and a rapidly expanding middle class with rising incomes.

He reiterated that despite global turbulence, India stands as an oasis of stability due to bold reforms, massive infrastructure investments, and a strong policy push towards ease of doing business, including simplification of compliance and reduction of regulatory burdens.