India, South Korea discuss revamping trade pact to boost economic ties

Union Ministers Nirmala Sitharaman and Piyush Goyal on Monday held a series of high-level meetings with leaders and business executives from South Korea in New Delhi, aimed at strengthening economic cooperation and expanding bilateral trade and investment.The engagements coincided with the three-day state visit of South Korean President Lee Jae Myung to India, reflecting the growing momentum in ties between the two countries.
During the discussions, Sitharaman met Lee Eog-weon, Chairman of South Korea’s Financial Services Commission, along with senior officials from the Financial Policy Bureau and International Finance Division. The talks focused on enhancing collaboration in financial services and startup ecosystems, including fintech innovation, digital payments, cross-border investment flows, and local currency settlement mechanisms.

Union Minister for Finance and Corporate Affairs Smt. @nsitharaman met Mr. Lee Eog-weon, Chairman, Financial Services Commission @FSC_Korea, Korea in New Delhi, today.

Mr UN Yoseop, Director General, Financial Policy Bureau, FSC; and Mr KIM Yoonhee, Director, International… pic.twitter.com/OrYXYLipFW

— Ministry of Finance (@FinMinIndia) April 20, 2026

Both sides also explored opportunities to deepen cooperation in India’s GIFT International Financial Services Centre and discussed potential investment avenues through the National Investment and Infrastructure Fund (NIIF), highlighting significant scope for expanding bilateral financial engagement.
Meanwhile, Goyal held multiple meetings at Bharat Mandapam, interacting with CEOs and leadership teams from major South Korean companies such as Mirae Asset, Naver, and Krafton. Discussions centred on boosting collaboration in investment, innovation, and emerging technologies.Earlier, the commerce minister also met Kim Jung-Kwan to deliberate on measures aimed at creating a more balanced trade relationship and encouraging higher Korean investments in India. The talks further explored opportunities linked to India’s industrial infrastructure push under the National Industrial Corridor Development Corporation (NICDC), which is developing integrated industrial townships to support manufacturing and innovation.

A productive meeting with Mr. Kim Jung-Kwan, Minister for Trade, Industry and Resources of the Republic of Korea, in New Delhi.

We discussed ways to leverage the India-Korea partnership to create a more balanced trade relationship and to drive greater investment by Korean… pic.twitter.com/8GfYZ6w67D

— Piyush Goyal (@PiyushGoyal) April 20, 2026

Welcoming President Lee on his first visit to India, Prime Minister Narendra Modi underscored the shared democratic values and a common Indo-Pacific vision between the two nations.Following bilateral talks, Modi announced an ambitious target to expand India–South Korea trade to around $50 billion by 2030, with both countries agreeing to deepen cooperation across sectors such as technology, manufacturing, energy, and entertainment.

(Business Correspondent)