South Korea’s Lee Seeks Stronger Economic Ties with India
South Korean President Lee Jae Myung is in India for a state visit aimed at significantly boosting economic cooperation with Prime Minister Narendra Modi. This marks the first such visit by a South Korean president in eight years, with both sides looking to expand collaboration in key sectors like shipbuilding, finance, artificial intelligence, and defence. Lee emphasized that current economic ties remain limited and expressed intent to transform the relationship into a more robust partnership.
A major focus of the talks is upgrading the Comprehensive Economic Partnership Agreement to nearly double bilateral trade to $50 billion by 2030, up from $25.7 billion last year. South Korea is also seeking stronger supply chain cooperation, especially amid global uncertainties linked to geopolitical tensions. India has emerged as an important partner not just as a consumer market but as a key player in global production networks.
Energy cooperation is another priority, with Seoul looking to increase naphtha imports from India to offset potential disruptions from the Middle East. Despite strong trade growth, India has raised concerns over a widening trade deficit with South Korea. Experts suggest that sectors like shipbuilding, along with consumer industries driven by the popularity of Korean culture, could offer new opportunities for balanced growth. After India, Lee is scheduled to visit Vietnam as part of his regional outreach.
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