India-South Korea trade volume to reach USD 50 billion in 2030: Envoy

INTERNATIONAL DESK: Underlining the strong support provided by Prime Minister Narendra Modi for enhancing trade ties between the two countries, South Korea’s Ambassador to India, Chang Jae-bok on Wednesday expressed high hope for a much greater share of trade volume between India and South Korea.

The Korean envoy said that during pandemic the trade volume decreased in comparison with the pre-COVID period. But the two countries are working to increase the trade exchange volume.

The ambassador further emphasized that Indian Prime Minister Narendra Modi’s strong support for South Korea is vital for trade and economic ties between the countries.

“Before the pandemic, both countries have very high volume trade. In 2020, there was a downturn. And then last year, we recorded again the highest level of trade volume. India and Korea set a target of USD 50 billion for 2030. I am very sure that the two countries do well in trade, especially the two governments. With the strong support of Prime Minister Narendra Modi, the two countries will further strengthen the bilateral relations, including economic and trade part,” Ambassador Chang Jae-bok told ANI.

Korea and India have a strong economic partnership that is rapidly expanding, according to the data from Korea and the Ministry of Trade, Industry, and Energy (MOTIE).

“Bilateral trade between the two countries reached USD 23.7 billion in 2021, surpassing USD 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 and a total of USD 16.9 billion,” as per KOTRA, the commercial section of the Embassy of the Republic of Korea.

Ambassador Chang inaugurated five days Korea Fair of India (KFI) 2022 in the national capital. Managing Director, South Asia, KOTRA, Joonhwa Bin and Mayank Aggarwal, Senior Director of Flipkart Marketplace also joined the inauguration session.

While talking to ANI, ambassador also spoke about the recent Asia cup match between India and South Korea.

Defending champions India could not make it to the final of the Asia Cup hockey 2022 after it played out a 4-4 draw with South Korea.

“I have just come to know that Korea and India match draw. But Korea reached the final. It’s good news for me but the Indian hockey team is very very well. I know that hockey is the national sport of India. Next time Indians will have the chance to get the final,” he told ANI. (ANI)