India and South Korea agreed on Monday to significantly expand economic cooperation across sectors such as energy, critical minerals, shipbuilding, semiconductors, and steel, with a goal of doubling bilateral trade to $50 billion by 2030. Both sides also decided to revive and strengthen negotiations to upgrade their 2010 trade agreement, as India seeks a more balanced trade relationship while South Korea pushes for better access to India’s rapidly growing market.

South Korean President Lee Jae Myung, on a three-day visit to India—the first such visit by a South Korean president in eight years—said the two countries aim to create a “new engine for shared growth” by enhancing their economic partnership. He announced the formation of a ministerial-level economic cooperation committee and said cooperation would be expanded in nuclear energy, clean energy, trade, and investment. Both nations also agreed to work together to ensure stable supplies of energy and key materials like naphtha amid global supply concerns.

Prime Minister Narendra Modi described the visit as highly significant, stating that the partnership is being positioned to achieve the $50 billion trade target by 2030, up from about $27 billion currently. India’s Commerce Minister Piyush Goyal also held talks with his South Korean counterpart to explore ways to revamp the trade pact and deepen collaboration in green energy, industry, and digital trade.

Around 250 South Korean business leaders are expected to attend a joint forum, including representatives from major companies such as Samsung, Hyundai, and LG. About 20 business agreements are expected to be signed covering shipbuilding, energy, and digital technology. POSCO Holdings announced plans for a joint steel plant with JSW in Odisha, with an estimated investment of $1.09 billion by 2031 for a 6-million-ton capacity facility. Officials also noted concerns over India’s trade deficit with South Korea, with Seoul maintaining a significant surplus last year. After his India visit, President Lee is scheduled to travel to Vietnam.