South Korea and India have signed 20 memoranda of understanding (MoUs) spanning steel, shipbuilding, digital services, energy, and advanced manufacturing, marking a significant step in strengthening bilateral economic ties. The agreements were concluded in New Delhi during President Lee Jae Myung’s state visit, underscoring a shared commitment to long-term industrial collaboration.

Among the key developments, POSCO has partnered with JSW Steel on a proposed $7.3 billion integrated steel mill in Odisha, expected to enhance India’s domestic production capacity. The project also reflects a growing emphasis on renewable energy integration within heavy industry. Meanwhile, GS Engineering & Construction has pledged to create 400 new jobs through renewable energy initiatives.

In the maritime sector, HD Korea Shipbuilding & Offshore Engineering signed agreements aligned with India’s Maritime Vision 2047, signalling potential investments in shipyard development. Technology collaboration was also a major focus, with firms such as Samsung Electronics and Hyundai Motor expanding partnerships in artificial intelligence, mobility solutions, and digital transformation.

Business leaders from both nations highlighted the strategic importance of combining Korea’s technological expertise with India’s scale and growth potential. The agreements are expected to accelerate trade, investment, and innovation, reinforcing a robust partnership between Asia’s key economic powers.