South Korea’s Lee Visits India for Trade Talks with Modi

South Korean President Lee Jae Myung is in India for a three-day state visit, engaging in discussions with Prime Minister Narendra Modi to strengthen economic partnerships. The focus of these meetings is to boost bilateral trade to $50 billion by 2030, a significant increase from the $25.7 billion recorded in the previous year.

This marks the first presidential-level visit to India in eight years. During the trip, Lee will attend business events with corporate leaders and explore opportunities in artificial intelligence, finance, and defense. According to South Korean presidential adviser Wi Sung-lac, the two nations aim to elevate their trade agreement and enhance collaboration in key sectors.

“The economic relationship between South Korea and India remains underdeveloped,” Lee remarked at a dinner with Korean community members in New Delhi. “We plan to expand this partnership and redefine the nature of our ties moving forward.”

Recent geopolitical tensions, including disruptions in the Strait of Hormuz due to the Middle East crisis, have underscored the strategic importance of India for South Korea. The country has relied on India for 8% of its naphtha imports last year, as supply chain instability and global economic pressures intensified.

South Korea’s trade data reveals a $12.8 billion surplus in 2023, with exports to India reaching $19.2 billion and imports totaling $6.4 billion. Analysts suggest shipbuilding could become a new area of collaboration, as India seeks to create jobs and South Korea taps into its industrial capabilities.

Following India, Lee will travel to Vietnam to continue advancing regional economic initiatives. To view related multimedia content, ensure JavaScript is enabled and use a browser compatible with HTML5 video.