(April 20): South Korea and India agreed to deepen cooperation in defence and shipbuilding and to double bilateral trade as both seek stronger ties with reliable regional partners amid escalating Middle East tensions.
“In this era of uncertainty, South Korea and India can become optimal all-encompassing cooperation partners to promote mutual growth and innovation,” said South Korean President Lee Jae-myung after talks with Indian Prime Minister Narendra Modi in New Delhi Monday.
Seoul and New Delhi are looking to deepen ties across sectors, as relations with Washington remain unpredictable under the Trump administration. They agreed to “expand cooperation in strategic industries including shipbuilding, finance, artificial intelligence and defence", said Lee, the first South Korean president to make a state visit to India in eight years.
Modi said the two countries’ goal was to double bilateral trade to US$50 billion by 2030. “Today, we are setting up the structures for deeper cooperation over the next decade,” he said.
The visit comes as India seeks to rapidly scale up its shipbuilding capacity and secure a larger role in global supply chains. South Korea, which has the world’s second-largest shipbuilding industry behind China, is well placed to offer key assistance to New Delhi.
Lee said the two countries will work to combine South Korean shipbuilders’ expertise with India’s support for ship production. India hopes to capture more of the maritime value chain at a time when shifting trade dynamics and geopolitical tensions are reshaping where the world builds and how it moves goods.
See also: India, New Zealand sign ‘once-in-a-generation’ trade deal
The two leaders also discussed the Middle East situation and called for the restoration of stability in the region for global security and economy, Lee said. “In light of the recent situation in the Middle East, we will also continue cooperation to ensure a stable supply of energy resources and key raw materials such as naphtha,” he added.
South Korea, a US security ally, has been facing increasing pressure from President Donald Trump to send warships to the Strait of Hormuz to help protect shipping.
During the India visit, Lee is also set to deliver a speech at a business forum that will be joined by some 250 South Korean business leaders including heads of the country’s leading conglomerates such as Samsung Electronics, Hyundai Motor and LG, Lee’s office said.
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