Sitharaman discusses linking India-Korea payments systems, seeks more invest
This story was originally published at 12:40 IST on 2 September 2026
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NEW DELHI – Finance Minister Nirmala Sitharaman and South Korea's Deputy Prime Minister Koo Yun-cheol Tuesday discussed efforts towards the interoperability of India and Korea's fast-payment systems, or QR-based payment systems, to facilitate greater ease of payments and strengthen economic linkages between the two countries. Yun-cheol, who is also South Korea's finance minister, said that the two countries should further develop stronger bilateral cooperation to enhance trade and investments.
The two ministers, who were meeting at the sidelines of the G20 Finance Ministers and Central Bank Governors' meeting in Asheville, discussed strengthening bilateral economic and financial cooperation, including taking forward the India-Korea Finance Ministers' Meeting through early working-level consultations.
Sitharaman welcomed greater investment from South Korea in emerging sectors and suggested that Indian companies will further explore investment opportunities in Seoul, with a view to promoting mutually beneficial investment flows. She also suggested strengthening investment cooperation through the National Investment and Infrastructure Fund and advancing the proposed concessional credit line under Korea's Economic Development Cooperation Fund framework for infrastructure and green-transition investments in India.
During the meeting, Sitharaman told Yun-cheol that India looks forward to strengthening India-Korea cooperation even further, including in emerging and strategic areas such as critical minerals and resilient supply chains, and remains committed to fostering this partnership for the mutual benefit of our people and industry, the ministry said in a post on X, formerly Twitter.
India and South Korea had signed a free trade agreement in 2010. But after the deal was signed, South Korea's exports to India grew much faster than India's exports to South Korea. The two countries recorded bilateral trade of $27.36 billion in 2025-26 (Apr-Mar), which included imports worth $21.35 billion. India had a trade deficit of $15.34 billion with South Korea last year. The two sides have also set the aim to double bilateral trade by 2030. End
US$1 = INR 94.97
Reported by Priyasmita Dutta
Edited by Akul Nishant Akhoury
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