Union Finance Minister Nirmala Sitharaman and Union Minister of Commerce and Industry Piyush Goyal held a series of high-level meetings with South Korean leaders and business executives in New Delhi on Monday, focusing on strengthening economic cooperation and expanding trade and investment ties between the two countries.
The engagements coincided with the three-day state visit of South Korean President Lee Jae Myung to India.
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 discussions centred on enhancing cooperation in the financial and startup sectors, including fintech innovation, digital payments, investment flows, and local currency settlement mechanisms.
Both sides also explored opportunities for collaboration in India’s GIFT International Financial Services Centre and discussed avenues to boost bilateral investment, including through India’s National Investment and Infrastructure Fund (NIIF). The Finance Ministry noted that there is significant potential for deeper engagement in these areas.
Meanwhile, Goyal held multiple meetings at Bharat Mandapam, including interactions with CEOs and leadership teams from major South Korean firms such as Mirae Asset, Naver, and Krafton. Discussions focused on expanding collaboration in investment, innovation, and emerging technologies.
Earlier, Goyal also met Kim Jung-Kwan to discuss measures aimed at creating a more balanced trade relationship and encouraging greater Korean investment in India. The talks also explored opportunities arising from India’s development of integrated, world-class industrial townships under the National Industrial Corridor Development Corporation (NICDC), designed to support manufacturing and innovation.
The meetings come amid growing momentum in India–South Korea relations. Welcoming President Lee on his first visit to India, Prime Minister Narendra Modi highlighted the shared democratic values and common Indo-Pacific vision of the two nations.
Following bilateral talks, PM Modi announced an ambitious target to expand India–South Korea trade to around USD 50 billion by 2030, with both sides agreeing to deepen cooperation across sectors ranging from technology and manufacturing to energy and entertainment.
(With ANI inputs)
