South Korean President Lee Jae Myung begins crucial bilateral talks with Indian Prime Minister Narendra Modi in New Delhi on Monday, marking the first South Korean state visit to India in eight years.
The visit signals Seoul’s renewed focus on strengthening strategic partnerships in the Indo-Pacific.
“The level of economic cooperation between South Korea and India is still very low,” President Lee said on Sunday at a dinner with the Korean expatriate community in New Delhi. “Going forward, we will expand that space and make the relationship between South Korea and India completely different from what it is now.”
Central to this effort is a planned upgrade of the Comprehensive Economic Partnership Agreement (CEPA). Officials from both countries aim to nearly double bilateral trade to $50 billion by 2030, up from $25.7 billion last year, according to presidential adviser Wi Sung-lac.
President Lee is also expected to attend business events with senior corporate leaders. Discussions will extend beyond manufacturing to sectors such as finance, artificial intelligence (AI) and advanced defence technology.
Seoul’s outreach to India is partly driven by growing economic pressures linked to instability in the Middle East.
President Lee said the ongoing conflict involving Iran has disrupted supply chains and heightened the importance of closer ties with India, describing the two countries as “the most important strategic partners” for each other’s economic security.
India is increasingly seen not only as a consumer market but as a key partner in global production and supply chains.
This shift is evident in the energy sector. Last month, South Korea asked India to increase exports of naphtha, a crucial feedstock for its petrochemical industry, as tensions in the Persian Gulf threatened shipping routes.
India accounted for about 8 per cent of South Korea’s naphtha imports last year. Trade Minister Yeo Han-koo said expanding imports would help secure supply while addressing trade imbalances between the two countries.
Trade imbalance remains a persistent issue. Data from the Korea International Trade Association shows South Korea recorded a $12.8 billion trade surplus with India last year, exporting $19.2 billion in goods and importing $6.4 billion.
At a recent policy seminar in Seoul, Maeng Hyun-chul of Seoul National University’s Asia Center said India has frequently raised concerns about the widening deficit. He noted that political ties have not kept pace with economic engagement.
Maeng suggested focusing on sectors with mutual benefits, including shipbuilding. Cooperation in maritime construction aligns with Prime Minister Modi’s “Make in India” initiative and job creation goals, while drawing on South Korea’s industrial expertise.
He added that food and consumer goods also offer growth potential, driven by the popularity of Korean culture, known as the “Hallyu” wave, in India.
After the summit in New Delhi, President Lee will travel to Vietnam as part of a wider effort to strengthen and diversify South Korea’s supply chains across Asia.
A tanker reported hearing two explosions off the coast of Oman while transiting the Strait of Hormuz, the UK Maritime Trade Operations (UKMTO) centre ...
An Israeli drone strike has killed one person and injured 11 others in southern Lebanon, as Lebanese and Israeli officials met in Rome for a second da...
New Mexico has filed a lawsuit against the U.S. Department of Justice, accusing the federal agency of withholding unredacted files linked to convicted...
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 5th of August, covering the latest developments.
U.S. President Donald Trump said there was an "all-day negotiation" on Tuesday with Iran, characterising the talks positively while also threatening to hit Iran "really hard" if a deal was not reached.
Tehran had made plans to strike sites in Ukraine after Kyiv attacked an Iranian cargo ship in the Caspian Sea, a senior Iranian military adviser has said. Iran refrained from taking action after Kyiv said the strike was a mistake, Mohsen Rezaei told the state IRIB TV channel.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 4th of August, covering the latest developments.
U.S. data analytics firm Palantir Technologies has reported a 93 per cent year-on-year jump in second-quarter revenue, even as the company faces continued criticism over its work with Israel's military and allegations linking its technology to the war in Gaza.a.
New Mexico has filed a lawsuit against the U.S. Department of Justice, accusing the federal agency of withholding unredacted files linked to convicted sex offender Jeffrey Epstein and obstructing its renewed criminal investigation.
The Democratic Party's progressive wing has claimed a significant political victory after Abdul El-Sayed narrowly won Michigan's Democratic nomination for the U.S. Senate, setting up a closely watched contest against Republican Mike Rogers in November.
Canadian Prime Minister Mark Carney has said he no longer has confidence in FIFA President Gianni Infantino, as pressure mounts over the handling of a controversial proposal to sell the commercial rights to the men's World Cup.
Türkiye's ruling alliance has submitted draft legislation to parliament aimed at advancing the peace process with the Kurdistan Workers' Party (PKK). The proposed law includes legal protections for many former militants and suspended prison sentences for some convicted members.
Ukrainian President Volodymyr Zelenskyy has dismissed the country's ambassadors to Tajikistan, Kyrgyzstan and several other countries. The removals came after a speech on Monday in which he said embassies would be judged on their effectiveness in securing weapons for Ukraine.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment