New Delhi: South Korean President Lee Jae Myung, who is on a bilateral visit to India, on Monday (April 20) held talks with Prime Minister Narendra Modi and said that they aim to increase bilateral trade between the two countries from the current USD 25 billion annually to USD 50 billion by 2030. President Lee, who took office in June 2025, arrived on Sunday for a three-day visit.The two leaders, following a delegation-level meeting at Hyderabad House, in New Delhi, signed a memorandum of understanding and agreements. External Affairs minister S. Jaishankar and his South Korean counterpart Cho Hyun were also present at the time of the signing.President Lee outlined the ambitious roadmap aimed at deepening economic ties with India.“We decided to upgrade the framework of economic cooperation between the two countries to create a new engine for shared growth,” Lee said in a joint address to reporters following the talks.The US-Israeli war on Iran has squeezed global energy supplies, with India and South Korea among countries hit by the repercussions. The two leaders, Lee said, would also continue to cooperate to ensure the stable supply of energy resources and key raw materials such as naphtha.Modi highlighted the global tensions and said that India and Korea “together give the message of peace and stability”.“We are very happy that today, Korea is joining the International Solar Alliance and Indo-Pacific Oceans Initiative. We will continue to contribute towards a peaceful, progressive and inclusive Indo-Pacific through our joint efforts. We also agree that reforms in global institutions are essential to address global challenges,” he said at the joint briefing.New Delhi and Seoul became “Special Strategic Partnership” in 2015, elevating their cooperation across spanning manufacturing, technology, infrastructure and defence. Both countries share common maritime traditions, a sector crucial for both India and South Korea’s security and economic growth.Earlier today, Union commerce minister Piyush Goyal announced that India and South Korea decided to upgrade their Comprehensive Economic Partnership Agreement (CEPA). The two countries have signed 15 documents on trade, investment and cooperation in areas like shipbuilding and artificial intelligence, as well as establishing a ministerial-level industrial cooperation committee for economic cooperation.Earlier in the day, President Lee Jae Myung received a ceremonial welcome at the forecourt of Rashtrapati Bhavan. President Droupadi Murmu and Prime Minister Narendra Modi were present to receive him. He also visited Rajghat.He is scheduled to attend a business forum at Bharat Mandapam and meet President Droupadi Murmu before concluding his visit.