PM Modi Announces To Establish Korean Industrial Townships, Says Trade To Reach $50 Billion By 2030

Prime Minister Narendra Modi on Monday announced to establish Korean industrial townships in India and set a target to raise bilateral trade with South Korea to $50 billion by 2030. He also outlined the future of a win‑win partnership between the two countries with collaborations in sectors ranging from semiconductors to shipbuilding and entertainment and culture.

While addressing a joint press conference after holding bilateral talks with South Korean President Lee Jae Myung in New Delhi, PM Modi said that the two countries are moving to transform their “trusted partnership into a futuristic partnership.” He highlighted that democratic values, market economy, and respect for the rule of law form the “DNA” of both nations.

“This visit of the President

of Korea to India is extremely important. Democratic values, market economy, and respect for the rule of law are in the DNA of both our countries. We will realise new opportunities for cooperation in every field, from chips to ships, talent to technology, environment to energy, and together ensure the progress and prosperity of both countries…” he said.

The Prime Minister emphasised that bilateral trade between India and South Korea has reached $27 billion and several important decisions have been taken to increase this to $50 billion by 2030.

PM Modi also announced several initiatives to strengthen economic engagement, including the India-Korea Financial Forum to boost financial flows, an Industrial Cooperation Committee to enhance business ties, and an Economic Security Dialogue focused on critical technologies and supply chains.

#WATCH | Delhi: After meeting with South Korean President Lee Jae Myung, PM Narendra Modi says, "Today, bilateral trade between India and Korea has reached $27 billion. Today, we have taken several important decisions to increase this to $50 billion by 2030. To facilitate… pic.twitter.com/AJlR3kBgXH

— ANI (@ANI) April 20, 2026

PM Modi further said that Korean industrial townships would be set up in India to facilitate the entry of Korean companies, especially small and medium enterprises. He also announced that the India-Korea trade agreement would be upgraded within a year.

The two countries also exchanged memorandums of understanding (MoUs) to establish an industrial cooperative committee, upgrade the trade and investment relationship, and ease the regulatory framework for each other’s medium, small and micro enterprises (MSMEs), among other initiatives.

Highlighting cultural ties, PM Modi noted the long historical connection between the two countries, including shared heritage stories, and pointed to the growing popularity of Korean culture, including K-pop, in India. He also mentioned collaboration in films, animation, and gaming as emerging areas of partnership.

President Lee Jae-Myung arrived in India on Sunday for a three-day state visit, the first by a South Korean head of state in over eight years. President Lee, who assumed office in June 2025, arrived in New Delhi accompanied by First Lady Kim Hea-kyung.