India’s Union minister for commerce and industry Piyush Goyal on Friday held talks with Yeo Han-Koo to explore ways to strengthen economic ties, boost bilateral investment and deepen supply-chain collaboration between India and South Korea.
The meeting focused on expanding trade engagement and reinforcing the broader economic partnership between the two countries.
Sharing details of the meeting in a post on social media platform X, Goyal said, “Held a meeting with Mr Yeo Han-Koo, Trade Minister, Republic of Korea. We had constructive discussions on strengthening the India–Korea economic partnership.”
He added that both sides also discussed ways to deepen trade, encourage greater manufacturing and exports from India, and create new opportunities for businesses in both nations.
“Both sides reaffirmed their commitment to enhancing investment, expanding supply-chain collaboration, and working towards a more mutually beneficial trade relationship,” Goyal wrote.
India and South Korea established diplomatic relations in 1973 and have steadily expanded their economic engagement over the decades.
South Korea remains an important investor in India. The Republic of Korea ranks as India’s 13th largest foreign direct investment (FDI) source between April 2000 and March 2025, with total investments amounting to $6.69 billion.
Key sectors attracting Korean investment include metallurgy, automobiles, electronics, prime movers, machine tools, as well as hospitals and diagnostic centres.
According to the Department of Commerce under India’s Ministry of Commerce and Industry, bilateral trade between India and South Korea stood at $26.89 billion in FY25. Economic cooperation between the two countries continues to grow, with trade expected to reach $50 billion by 2030.
During FY25, India’s exports to South Korea totalled $5.82 billion, covering about 3,200 commodities. Major exports included engineering goods worth $2.6 billion, petroleum products valued at $964 million, organic and inorganic chemicals worth $730 million, other items valued at $205 million, and drugs and pharmaceuticals amounting to $187 million.
