NEW DELHI (AP) — India and South Korea are expanding their business ties with an aim to increase bilateral trade to US $50 billion by 2030.

Visiting South Korean President Moon Jae-in and Indian Prime Minister Narendra Modi in New Delhi on Tuesday asked their business communities to enhance investment and promote joint ventures.

The bilateral trade between the two Asian countries was $20 billion in 2017.

Moon is on a four day state-visit to India and will travel to Singapore on Wednesday.

The two leaders on Monday traveled in a metro train to Noida, in the outskirts of the India's capital, and inaugurated a new production facility of Samsung Electronics company.

The phone manufacturing unit is estimated to create more than 2000 jobs in India.