In New Delhi on April 20, 2026, Prime Minister Narendra Modi and South Korean President Lee Jae Myung announced an ambitious partnership. Lee was visiting India for the first time as president, marking the first South Korean presidential visit in over eight years.
The two leaders set a remarkable target: to nearly double bilateral trade from US$27 billion to US$50 billion by 2030. To achieve this, they agreed to upgrade their trade agreement by 2027. Currently, South Korea exports about three times more to India than India exports to South Korea, so the new agreement aims to balance this difference.
The partnership covers many areas including semiconductors, shipbuilding, steel, digital payments, and climate action. The most ambitious project is the India-Korea Digital Bridge, which will combine South Korea's advanced chip industry with India's growing semiconductor ambitions. Samsung Electronics and SK Hynix will work with Indian partners.
Another major investment involves POSCO Holdings, South Korea's largest steelmaker, which agreed to invest US$7.29 billion with India's JSW Group to build a steel mill. The two countries also signed agreements on defence, finance, and supply-chain cooperation.
India and South Korea designated 2028-2029 as the Year of India-Korea Friendship, celebrating their growing relationship.