Indian Prime Minister Narendra Modi welcomed South Korean President Lee Jae Myung to New Delhi on Monday, where the two leaders announced ambitious plans to significantly expand economic cooperation between their nations.
The leaders outlined a goal to boost bilateral trade from its current level of approximately $27 billion to $50 billion by 2030, focusing on enhanced supply chain partnerships, better market accessibility, and increased investment opportunities.
“India and South Korea are going to transform their trusted ties into a futuristic partnership,” Modi stated during the meeting.
The discussions between Modi and Lee occur as both nations seek to bolster their relationship while navigating global economic challenges and supply chain interruptions caused by the Iran conflict.
Lee announced that the countries have committed to substantially enhancing economic partnerships, with particular emphasis on shipbuilding, defense technology, and artificial intelligence sectors. He noted that both nations will also broaden industrial cooperation and increase trade and investment in advanced manufacturing, along with sensitive sectors including critical minerals and nuclear energy.
To strengthen supply chain resilience, Lee revealed that South Korea intends to boost imports of naphtha, a petroleum-based product, from India to help mitigate potential supply disruptions related to Middle Eastern tensions. India represented approximately 8% of South Korea’s naphtha imports in the previous year.
Following his Indian visit, Lee is set to continue his diplomatic tour with a trip to Vietnam.
