New Delhi: South Korean President Lee Jae Myung met Indian Prime Minister Narendra Modi in New Delhi on Monday, seeking to expand economic cooperation and strengthen long term strategic ties between the two countries.
The visit marks the first state visit by a South Korean leader to India in eight years and comes at a time when both nations are looking to build stronger partnerships in a changing global economy.
During the talks, both sides focused on upgrading their existing trade agreement to boost bilateral trade. They aim to increase trade from about 25.7 billion dollars in 2025 to 50 billion dollars by 2030.
Key areas of cooperation discussed included shipbuilding, artificial intelligence, finance, defence and critical minerals. Officials said these sectors offer strong potential for growth and can help both countries build more resilient economies.
South Korea is also looking at India as an important manufacturing and supply chain partner rather than only a consumer market. This reflects a broader shift as countries try to reduce risks linked to global tensions and disruptions.
Energy cooperation was another important part of the discussions. South Korea is exploring increased imports of naphtha from India as it seeks stable energy supplies amid ongoing tensions in the Middle East.
Trade imbalance remains an issue between the two countries. South Korea currently enjoys a significant surplus in trade with India, and both sides are expected to explore ways to address this gap through expanded cooperation.
A large business delegation accompanied President Lee during the visit, with participation from major South Korean companies. The delegation is expected to explore new investment opportunities and partnerships in India’s growing market.
Leaders from both countries also highlighted the importance of working together in the Indo Pacific region and contributing to stability in global trade and economic systems.
After his visit to India, President Lee is scheduled to travel to Vietnam as part of a broader effort to strengthen South Korea’s economic engagement across Asia.