South Korea President Lee Jae Myung met India’s Prime Minister Narendra Modi in New Delhi on Monday, with both leaders pledging to nearly double bilateral trade to $50 billion by 2030 and expand cooperation tied to strategic industries. The meeting took place as both countries seek to strengthen ties amid global economic uncertainty and supply-chain disruptions that have been linked to the Iran war, according to the account of the talks.
Modi said India and South Korea are aiming to increase trade from about $27 billion to $50 billion by 2030. He tied the target to efforts to strengthen supply chains, improve market access and encourage greater investment, framing the relationship as moving toward deeper economic and strategic alignment.
During the meeting, Modi said, “India and South Korea are going to transform their trusted ties into a futuristic partnership,” according to the report from the talks. Lee responded by describing an expanded economic agenda that would go beyond trade totals, focusing on areas that include shipbuilding, defense and artificial intelligence.
Lee said the two sides agreed to significantly upgrade economic cooperation, including industrial collaboration in advanced manufacturing. He also said the planned expansion would cover sensitive sectors, including critical minerals and nuclear energy, as the countries seek to deepen their economic links with a longer-term industrial focus.
As part of supply-chain cooperation, Lee said South Korea plans to increase imports of naphtha, a crude-oil derivative, from India. He said the move is intended to cushion potential disruptions linked to tensions in the Middle East, noting that India accounted for about 8% of South Korea’s naphtha imports last year.
After concluding his visit to India, Lee was scheduled to travel to Vietnam, the report said, indicating that the New Delhi talks were part of a broader regional diplomacy and economic agenda.