South Korean President Moon Jae-in on July 9, 2018 expressed the hope that his visit and interactions with Prime Minister Narendra Modi will help to take bilateral economic relations to the next level, even as both leaders later jointly launched the world's largest mobile handset factory by Samsung in Noida. President Moon arrived in the capital on July 8, 2018 on his maiden official visit to India leading a 100-member business delegation. "Our bilateral trade of $20 billion annually, although not insignificant, is falling below our expectations," Moon said in his address at the India-Korea Business Forum in New Delhi organised by industry chamber FICCI.

The South Korean President pointed out that improving economic relations with India was a key element of his country's new Southern policy. "My new Southern policy is aligned with Modi's Act East policy. Both the policies will come to completion when prosperity spreads across the Asia," he said. "This policy aims to move beyond economic cooperation to building a prosperous people-centric community of peace," he added.

Noting that there are 500 Korean companies doing business in India, Moon said: "The Indian Government is planning to build 100 smart cities and construct industrial corridors to link the major cities. It is our wish to participate in these infrastructural projects."