New delhi: President Lee Jae Myung announced on Monday that South Korea and India will bolster their cooperation to ensure a stable supply of energy resources and essential raw materials, as both nations seek to strengthen ties amidst global geopolitical uncertainties. Lee's remarks came during his three-day state visit to India, where he engaged in discussions with Indian Prime Minister Narendra Modi in New Delhi.
According to Deutsche Welle, Modi highlighted the importance of economic and strategic collaborations during his summit with Lee, aiming to double bilateral trade to $50 billion by 2030. The leaders explored avenues for deepening cooperation in areas such as the Indo-Pacific region, shipbuilding, artificial intelligence, and defense.
On the trade front, South Korea exported $19.2 billion worth of goods and services to India last year and imported $6.4 billion, resulting in a trade surplus of $12.8 billion, as reported by the Korea International Trade Association. This visit marks Lee's first official trip to India since taking office, and the first by a South Korean leader in eight years. During his stay, Lee is also scheduled to attend business events with corporate leaders.
President Lee expressed a keen interest in enhancing economic ties with India, stating, "The level of economic cooperation between South Korea and India is still very low. Going forward, we will expand that space and make the relationship between South Korea and India completely different from what it is now." His remarks underscore the growing need for stronger bilateral relations in light of current global challenges.
The strategic partnership between Seoul and New Delhi gains importance in the context of supply chain instability and global economic pressures, particularly those arising from the ongoing crisis in the Middle East. South Korea, facing shipping disruptions through the Strait of Hormuz, has turned to India for increased naphtha supplies, with India providing about 8% of South Korea's naphtha imports last year.
Following his visit to India, President Lee is scheduled to travel to Vietnam, continuing his diplomatic engagements in the region.