South Korea’s Lee Meets Modi To Boost Trade, Target $50 Billion Bilateral Growth By 2030
President Lee seeks stronger economic ties with India, focusing on shipbuilding, supply chains, and expanding bilateral trade to $50 billion.
President Lee seeks stronger economic ties with India, focusing on shipbuilding, supply chains, and expanding bilateral trade to $50 billion.
South Korean President Lee Jae Myung is set to hold talks with Indian Prime Minister Narendra Modi in New Delhi on Monday, aiming to significantly strengthen economic cooperation between both countries.
The visit marks the first South Korean presidential state visit to India in 8 years, with a strong focus on sectors such as shipbuilding, finance, artificial intelligence and defence.
“The level of economic cooperation between South Korea and India is still very low,” Lee said on Sunday at a dinner meeting with members of the Korean 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.”
Both countries are working to upgrade their Comprehensive Economic Partnership Agreement, targeting nearly double bilateral trade to $50 billion by 2030, up from $25.7 billion recorded last year, according to presidential adviser Wi Sung-lac.
Lee is also expected to engage with corporate leaders during business events, as both sides explore deeper collaboration across strategic industries.
He noted that supply chain instability and global economic pressures linked to tensions in the Middle East would position both countries as “the most important strategic partners” to each other.
Lee also described India as no longer just a consumer market, but a key player in global production and supply chains.
Last month, South Korea requested India to increase naphtha supplies to cushion potential disruptions tied to Middle East tensions. India accounted for about 8% of South Korea’s naphtha imports last year.
South Korean Trade Minister Yeo Han-koo said increased imports could help address trade imbalances between the two countries.
South Korea recorded a $12.8 billion trade surplus last year, with exports valued at $19.2 billion and imports at $6.4 billion, according to Korea International Trade Association data.
At a recent policy seminar, Maeng Hyun-chul of Seoul National University Asia Center noted India’s long-standing concerns over a widening trade deficit with South Korea, adding that political relations had lagged behind economic ties.
He said shipbuilding presents strong potential for collaboration, aligning with India’s job creation goals and South Korea’s industrial strengths, while food and consumer sectors linked to Korean culture could also drive growth.
Lee is expected to travel to Vietnam after concluding his visit to India.
