South Korean President Moon Jae-in is on a four-day state visit to India, where both sides are looking at ways to increase their bilateral trade from 20 billion dollars to 50 billion by 2030. Asia's third and fourth largest economies say they're confident about the future of their relations. This can be seen in South Korea's presence in India, with more than 500 companies having operations there and many more ready to enter the fray. Here's our Indian correspondent, Ravinder Bawa.

India laid out the red carpet to welcome Moon Jae-in and his wife Kim Jung-Sook. The South Korean president was given a ceremonial reception at the Rashtrapati Bhavan, the official home of Indian President Ram Nath Kovind. It was here where he inspected a guard of honor. Following this, the South Korean president held extensive talks with the Indian prime minister, Narendra Modi said India was fully behind the peace process on the Korean Peninsula, adding that it would do all it could to ensure stability in the region.

NARENDRA MODI INDIAN PRIME MINISTER "There is a natural synergy between India's Act East policy and South Korea's New Southern policy. And I truly welcome President Moon's view that South Korea's ties with India are a central pillar of his New Southern policy."

President Moon outlined how the two nations elevated their relationship to what's known as a "special strategic partnership" when Modi visited Seoul three years ago. The two countries agreed to expand their economic, diplomatic and security cooperation.

MOON JAE-IN SOUTH KOREAN PRESIDENT "For the sake of regional peace and stability, we have agreed to strengthen our cooperation within the regional multilateral consultative frameworks, such as the East Asia Summit and the ASEAN regional forum. Lastly, as for the imminent challenges facing us with the fourth Industrial Revolution, we have agreed to establish a cooperation platform to respond to these issues together."

After their talks this time around, the two countries signed four documents which were aimed at further strengthening that strategic partnership. It's Moon's first state visit to India since he took office last year. And he's also expected to host the Indian prime minister for the first time in the South Korean capital in 2020. Ravinder Bawa, Delhi.