New Delhi [India], March 14 : Union Minister of Commerce and Industry Piyush Goyal held a meeting with Korea's Trade Minister Yeo Han-Koo to discuss ways to strengthen economic ties, enhance investments and deepen supply chain collaboration between the two countries.
In a social media post following the meeting, Goyal said the discussions focused on strengthening the India-Korea economic partnership and exploring opportunities to expand trade and manufacturing.
"Held a meeting with Mr. Yeo Han-Koo, Trade Minister, Republic of Korea. We had constructive discussions on strengthening the India-Korea economic partnership. Also discussed ways to deepen trade, encourage greater manufacturing and exports from India, and unlock new opportunities for our businesses," Goyal said in the post on X.
He added that both sides reaffirmed their commitment to enhancing investment, expanding supply-chain collaboration and working towards a more mutually beneficial trade relationship.
India and the South Korea share longstanding historical and cultural ties spanning over two millennia. The two countries established diplomatic relations in 1973 and have since steadily strengthened their economic engagement.
According to data from the Department of Commerce under the Ministry of Commerce and Industry, the bilateral trade between India and Korea stood at USD 26.89 billion during FY25.
South Korea is also a significant investor in India. The Republic of Korea is India's 13th largest foreign direct investment (FDI) investor from April 2000 to March 2025, with total investments amounting to USD 6.69 billion.
Key sectors that have attracted investment from Korea include metallurgy, automobile, electronics, prime movers, machine tools, hospitals and diagnostic centres.
As economic cooperation between the two countries continues to expand, bilateral trade between India and South Korea is expected to reach USD 50 billion by 2030.
India's exports to Korea stood at USD 5.82 billion during FY25, with the country exporting around 3,200 commodities to the Korean market.
Major exports from India to Korea include engineering goods valued at USD 2.6 billion, petroleum products worth USD 964 million, organic and inorganic chemicals worth USD 730 million, other items valued at USD 205 million, and drugs and pharmaceuticals worth USD 187 million during FY25.