June 1, 2022
2 mins read

India, Korea target $50 billion bilateral trade by 2030

On being asked about how Korea sees the Make in India initiative, the Ambassador said that ‘Make in India’ is an outstanding initiative by the government of India…reports Asian Lite News

India is the focus market for the Korean economy and we will work together to achieve higher trade relations between both countries, said Chang Jae-bok, Korean Ambassador to India.

He said that both nations have set a target of $50 billion bilateral trade by 2030 and are working towards the same. India is the focus market for the Korean economy and we will work together to achieve higher trade relations between both the countries.

On being asked about how Korea sees the Make in India initiative, the Ambassador said that ‘Make in India’ is an outstanding initiative by the government of India. “Leading players like Samsung are making a lot of investments in India, 66 new Korean companies entered into India in the pandemic year 2020. We are seeing a lot of new prospective Korean companies interested to enter India”, he told.

“According to data from Korea’s Ministry of Trade, Industry, and Energy (MOTIE), bilateral trade between India and Korea has reached $23.7 billion in 2021, surpassing $21.5 billion in 2018. This was the highest-ever trade volume between the two countries, representing a 40 per cent increase over the previous year’s total of $16.9 billion (2020). Also, 66 new Korean companies entered into India in the pandemic year 2020, and Korean investment totaled around $396 million during this economic downturn period”, said Chang Jae-bok on the question of Covid impact on trade relations between two nations.

“India has a very strong IT and software base and we plan to leverage it in the best possible way. Apart from this, promising sectors such as Medical Devices and Diagnostics, EV infra and battery, Logistics and warehousing are other segments in which Korean companies are planning to foray,” he said on the question of major shifts of both nations in the trade.

On the sideline of the 4th edition of the Korea Fair in India (KFI) which was inaugurated on Wednesday, Ambassador Chang Jae-bok had said that Korea and India have a strong economic partnership that is rapidly expanding.

ALSO READ-Iran Turns Heat on GCC

Previous Story

How Indian Army upheld its highest traditions even after 1971 War

Next Story

‘Naga issue can’t be resolved without separate flag, Constitution’

Latest from India News

India, US Step Up Trade Talks

The development comes in the backdrop of the new US ambassador Sergio Gor taking charge in the US embassy is New Delhi….reports Asian Lite News India and the United States are progressing

Lanka Marks Next Phase of Indian Housing Drive

Phases III and IV of the Indian Housing Project highlight India’s commitment to supporting and empowering Sri Lanka’s Indian-origin Tamil community….reports Asian Lite News Sri Lankan President Anura Kumara Dissanayake on Sunday

AUSTRAHIND 2025 Begins

AUSTRAHIND 2025 is aimed at enhancing military cooperation, improving interoperability and providing a platform for participating armies to exchange tactics…reports Asian Lite News In a major step forward for India-Australia defence ties,

Kirti Singh Leads India’s NAM Mission in Uganda

The participation reaffirms India’s commitment to the principles and values of the movement…reports Asian Lite News Minister of State for External Affairs Kirti Vardhan Singh will head India’s delegation to the 19th
Go toTop

Don't Miss

Gulf Islamic Investments beefs up presence in India

GII made its first investments in India in 2020. Its

Indian space sector eventful in the first half of 2022

The Russia’s military action in Ukraine has benefited ISRO and