South Korean President Lee Jae Myung is planning to meet Indian Prime Minister Narendra Modi in New Delhi today. The main goal behind this meeting is to strengthen economic ties between South Korea and India, especially in industries like shipbuilding. This is the first state visit by a South Korean president to India in eight years.
Lee Jae Myung spoke to members on Sunday and said that economic cooperation between the two countries was still quite limited. He added that both sides should work together to make their relationship much stronger and more active in the future. Both countries are also discussing how they can improve their trade agreement. They hope to almost double their trade, expanding it from about $25.7 billion last year to $50 billion by 2030.
Lee will participate in other business discussions while in India, besides trading negotiations. The two countries could collaborate in the future on other subjects like artificial intelligence, finance, and defence. In addition, he stated that they would focus on global issues like supply chain problems and conflicts in the Middle East region. Furthermore, he added that India is now part of the global value chain and not only as a huge consumer market. Recently, South Korea requested India to provide extra quantities of naphtha, which is a petroleum product used for industrial purposes. India already provides about 8% of South Korea’s naphtha imports.
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South Korea currently sells much more to India than it buys, creating a large trade gap. Officials from both sides are looking for ways to balance this. Experts say shipbuilding could become a key area of cooperation because it aligns with India’s job-creation goals and South Korea’s industrial strengths. They also see growth in food and consumer products, supported by the popularity of Korean culture in India. After his visit to India, President Lee is planning to visit Vietnam as well.
