South Korea and India plan to double bilateral trade by 2030 | News from India

NEW DELHI: India and South Korea are expanding their business relations with the goal of increasing bilateral trade to 50 billion US dollars by 2030, said Tuesday the leaders of both countries.

The visit of South Korean President Moon Jae-in and Indian Prime Minister Narendra Modi urged their business communities to step up their investments and promote joint ventures.

After their meetings, the two countries signed various agreements on trade cooperation, cultural exchange, technology sharing and scientific research.

Bilateral trade between the two Asian countries rose to $ 20 billion in 2017. Moon is making a four-day state visit to India and will visit Singapore on Wednesday.

Modi stated that the foreign policies of both countries "naturally go together".
"At the political level, India's" Act East "policy and South Korea's" new Southern strategy "go hand in hand, and I warmly welcome President Moon's belief that the India-South Korea relationship is a founding pillar of their new southern strategy. Said Modi.

The two leaders agreed to create cultural exchange programs and facilitate visa procedures to "deepen cultural relations and between people".

The two leaders traveled on a subway train to Noida, a suburb of the Indian capital, on Monday and inaugurated a new production plant at Samsung Electronics, the world's largest mobile phone factory.

The $ 728 million facility is expected to create more than 2,000 jobs in India