India and South Korea said on Monday that they would boost their economic ties by expanding cooperation in energy, critical minerals, shipbuilding, semiconductors and steel as they seek to double their trade to $50 billion by 2030.

New Delhi and Seoul also agreed to resume and step up negotiations to give new energy to their 2010 trade agreement, as India wants their trade to be more balanced and South Korea wants greater market access to the world’s fastest-growing major economy.

South Korean President Lee Jae Myung is in India for a three-day visit, the first South Korean presidential state visit to the country in eight years. He is accompanied by around 200 South Korean businesspeople.

The two countries created a ministerial-level economic cooperation committee for the first time, Lee said, adding that they would strengthen cooperation in areas such as nuclear power plants, clean energy, as well as trade and investment.

With the Iran war squeezing global energy supplies, India and South Korea would also continue to cooperate to ensure the stable supply of energy resources and key raw materials such as naphtha, Lee added. Modi said Lee’s visit was extremely significant and that the two countries had taken important decisions to boost two-way trade to $50 billion by 2030 from around $27 billion at present.