South Korea’s President Lee Jae Myung met India’s Prime Minister Narendra Modi in New Delhi on Monday to press ties that both leaders described as moving beyond current levels toward a larger economic and strategic partnership. The meeting came as both countries seek closer cooperation amid global economic uncertainty and supply-chain disruptions, with one shared reference point being pressures in the Middle East related to the Iran war.
Modi told Lee that India and South Korea plan to raise bilateral trade from about $27 billion to about $50 billion by 2030, linking the goal to efforts on supply-chain strengthening, market access and increased investment. He said, “India and South Korea are going to transform their trusted ties into a futuristic partnership,” according to the remarks reported after the meeting.
Lee said the two sides agreed to significantly upgrade economic cooperation, focusing on sectors that include shipbuilding, defense and artificial intelligence. He added that the countries would also expand industrial collaboration in advanced manufacturing and in sensitive areas such as critical minerals and nuclear energy.
A key element of Lee’s remarks on supply-chain resilience involved energy inputs. Lee said South Korea plans to increase imports of naphtha, a crude-oil derivative, from India to cushion potential disruptions tied to tensions in the Middle East. He said India accounted for about 8% of South Korea’s naphtha imports last year.
The discussions also reflected the broader push to deepen strategic and economic alignment between the two governments. Lee was scheduled to continue the trip after concluding the visit to India, with a planned stop in Vietnam.