NEW DELHI, Dec. 19 (Xinhua) -- India and South Korea on Wednesday resolved to raise the quantum of bilateral trade to 50 billion U.S. dollars by the year 2030.

India's External Affairs Minister Sushma Swaraj and her visiting Korean counterpart Kang Kyung-wha held talks in New Delhi during which the duo expressed satisfaction over the growth in bilateral trade and investment over the past two years.

"We shared the view that early conclusion of ongoing negotiations to upgrade our bilateral Comprehensive Economic Partnership Agreement (CEPA) and implementation of trade facilitation measures already agreed upon will help us move towards this target," said Sushma Swaraj in her media statement issued after the meeting.

Both the sides explored new avenues of Korean investment in India's infrastructure modernization.

"We encouraged Korean companies known for their technological feats and global outlook to create newer opportunities by partnering in government of India's flagship initiatives such as 'Make in India', 'Skill India', 'Digital India' and 'Smart City'," said the Indian minister in her statement.

On the occasion, talks were also held on potential cooperation in the energy sector. According to the Indian minister, as two large energy consumers of Asia, closer consultations between the two sides serve the mutual interests in securing predictable energy supplies at stable prices. She also extended an invitation to South Korea to join the India-initiated International Solar Alliance (ISA).

The Indian minister also reiterated her government's continued support to the efforts being made by South Korean President Moon Jae-in to address the nuclear issue on the Korean Peninsula and promote inter-Korean ties through dialogue and negotiation.

She expressed sincere hopes that these efforts would bear fruits to usher in a new era of peace and stability in the Korean peninsula.