South Korean President Lee Jae-myung is set to hold talks with Indian Prime Minister Narendra Modi in New Delhi, with both sides aiming to significantly strengthen economic cooperation, particularly in key sectors such as shipbuilding.
The visit marks the first state visit by a South Korean president to India in eight years, highlighting renewed momentum in bilateral ties.
Speaking at a dinner with members of the Korean community in New Delhi, Lee noted that economic engagement between the two countries remains below potential, expressing confidence that upcoming discussions would redefine the partnership.
Both countries are working towards upgrading their Comprehensive Economic Partnership Agreement (CEPA), with a target to nearly double bilateral trade to $50 billion by 2030, up from $25.7 billion recorded last year, according to presidential adviser Wi Sung-lac.
During the visit, Lee is also expected to engage with business leaders and participate in corporate events. Discussions are likely to cover cooperation in finance, artificial intelligence, and defence, alongside traditional industrial sectors.
Lee further emphasised that ongoing global economic pressures, including supply chain disruptions linked to tensions involving Iran, are positioning India and South Korea as increasingly important strategic partners. He described India as evolving beyond a consumer market into a key player in global manufacturing and supply chains.
In recent developments, South Korea has requested India to expand naphtha supplies to mitigate potential disruptions arising from instability in the Middle East. India accounted for approximately 8 per cent of South Korea’s naphtha imports last year.
South Korean Trade Minister Yeo Han-koo noted that increased imports from India could also help address trade imbalances between the two countries. South Korea recorded a trade surplus of $12.8 billion last year, with exports valued at $19.2 billion and imports at $6.4 billion.
Analysts have pointed out that while political relations between the two countries remain strong, economic ties have yet to fully align. Experts suggest that sectors such as shipbuilding offer strong potential for collaboration, aligning India’s employment priorities with South Korea’s industrial capabilities. Additionally, food and consumer sectors linked to the global popularity of Korean culture are also seen as areas for future growth.
Following his India visit, President Lee is scheduled to travel to Vietnam as part of his regional engagement. (Source: NDTV)
