India–South Korea trade ties: Piyush Goyal meets Korean minister Yeo Han-Koo

Union minister of commerce and industry Piyush Goyal on Friday held talks with Yeo Han-Koo, trade minister of South Korea, to explore ways to strengthen economic ties, boost bilateral investments and deepen supply-chain collaboration between the two countries. The meeting focused on expanding trade engagement and reinforcing the broader economic partnership between India and South Korea.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. Also discussed ways to deepen trade, encourage greater manufacturing and exports from India, and unlock new opportunities for our businesses.” He further noted that both sides reaffirmed their commitment to enhancing investment flows, expanding supply-chain collaboration and working towards a more mutually beneficial trade relationship. "Both sides reaffirmed their commitment to enhancing investment, expanding supply-chain collaboration, and working towards a more mutually beneficial trade relationship," he wrote. India and South Korea share longstanding historical and cultural connections that span more than two millennia. The two countries formally established diplomatic relations in 1973 and have steadily expanded their economic engagement since then.South Korea also remains an important investor in India. The Republic of Korea ranks as India’s 13th largest foreign direct investment (FDI) investor between April 2000 and March 2025, with total investments amounting to $6.69 billion.Key sectors attracting Korean investments include metallurgy, automobiles, electronics, prime movers, machine tools, as well as hospitals and diagnostic centres. According to data from the department of commerce under the 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 bilateral figures expected to reach $50 billion by 2030.During FY25, India’s exports to South Korea stood at $5.82 billion, with about 3,200 commodities shipped to the Korean market. Major exports from India to South Korea included engineering goods valued at $2.6 billion, petroleum products worth $964 million, organic and inorganic chemicals valued at $730 million, other items worth $205 million, and drugs and pharmaceuticals amounting to $187 million in FY25.