Chandigarh, November 24
As India’s economic ties continue to grow with South Korea, the bilateral trade is likely to reach $50 billion by 2030. It was $23.7 billion in 2021, up 40% from the preceding year, said Korea Trade-Investment Promotion Agency (KOTRA). KOTRA is the economic division of the Embassy of the Republic of Korea in India.
“In the past 10 years, the trade volume between the two countries increased by 116%. The upgrade in the countries’ bilateral trade agreement — the Comprehensive Economic Partnership Agreement (CEPA) — is the most desirable and efficient way to enhance trade relations between both countries. The goal is to reach $50 billion worth of bilateral trade by 2030,” said Yonggi Kim, Secretary (Economic), The Embassy of the Republic of Korea, here today. He was speaking at the Korea-India Economic Cooperation Forum 2022 at the CII Northern Region headquarters.
Chang Jae-bok, Ambassador, The Embassy of the Republic of Korea, said: “Punjab, Haryana and Chandigarh hold enormous potential for strengthening the Korea-India partnership. With CII’s help and the amalgamation of innovation & technology along with top-notch human resources available in this region, it will create great synergy for the bilateral relationship between the two countries.”