South Korean President Lee Jae Myung arrived in New Delhi on Monday for high-level talks with Indian Prime Minister Narendra Modi, marking a renewed push to significantly expand economic and strategic cooperation between the two Asian powers.
The visit, which is the first South Korean presidential state trip to India in eight years, is expected to focus heavily on industrial collaboration, trade expansion, and emerging technologies such as artificial intelligence, alongside traditional sectors including shipbuilding and manufacturing.
The meeting comes at a time when both countries are reassessing supply chain resilience and economic security amid global geopolitical uncertainty, particularly tensions linked to instability in the Middle East.
At the heart of the discussions is an ambitious plan to nearly double bilateral trade to $50 billion by 2030, up from approximately $25.7 billion recorded last year. According to presidential adviser Wi Sung-lac, both governments are actively working to upgrade their Comprehensive Economic Partnership Agreement to support this goal.
The agreement is expected to focus on reducing trade barriers, improving market access, and encouraging deeper private sector engagement in both countries.
Lee emphasized the need for a structural shift in bilateral relations during a dinner meeting with members of the Korean community in New Delhi on Sunday.
“The level of economic cooperation between South Korea and India is still very low,” he said. “Going forward, we will expand that space and make the relationship between South Korea and India completely different from what it is now.”
The South Korean president also highlighted how global economic volatility is reshaping the strategic importance of bilateral partnerships. He pointed to disruptions in global supply chains and broader economic pressures, including those linked to ongoing conflicts in the Middle East.
“These conditions make South Korea and India the most important strategic partners for each other,” Lee said, underscoring the urgency of strengthening economic resilience through diversification.
He further described India as a rapidly evolving economic power, no longer limited to being a consumer market but increasingly a central player in global production networks and supply chains.
This shift in perception is expected to influence discussions on industrial collaboration, investment flows, and technology transfers.
Among the most promising areas of cooperation is shipbuilding, which both sides see as a sector with strong long-term potential.
South Korea remains one of the world’s leading shipbuilding nations, while India is seeking to expand its domestic manufacturing capacity and create employment opportunities in heavy industry.
According to policy experts, the alignment between India’s labour-intensive industrial priorities and South Korea’s advanced maritime engineering capabilities makes shipbuilding a natural area for cooperation.
A policy seminar held at South Korea’s parliament last week highlighted this potential. Maeng Hyun-chul, a research fellow at Seoul National University’s Asia Center, noted that shipbuilding could become a cornerstone of future collaboration.
He argued that the sector fits India’s development goals while leveraging South Korea’s established industrial strengths.
Energy trade has also emerged as a key component of the discussions. South Korea recently requested expanded supplies of naphtha from India, aiming to reduce vulnerability to disruptions in global energy markets.
India accounted for approximately 8% of South Korea’s naphtha imports last year, and officials in Seoul believe increasing imports could help stabilise supply chains while addressing trade imbalances.
South Korea recorded a $12.8 billion trade surplus last year, exporting goods worth $19.2 billion while importing $6.4 billion, according to data from the Korea International Trade Association.
Trade Minister Yeo Han-koo has previously stated that greater energy imports from India could help rebalance bilateral trade flows and reduce structural disparities.
Despite growing cooperation, structural trade imbalances remain a longstanding issue in the relationship.
India has repeatedly expressed concerns about widening deficits in trade with South Korea, and analysts argue that political engagement has not kept pace with commercial ties.
Maeng noted that this imbalance continues to shape India’s trade policy outlook toward South Korea, particularly in sectors where domestic industries feel competitive pressure.
Beyond heavy industry and energy, both governments are also exploring cooperation in high-growth sectors such as artificial intelligence, finance, and defence.
The expansion of digital technologies is expected to play a central role in future economic ties, particularly as both countries invest heavily in AI-driven infrastructure and innovation ecosystems.
At the same time, cultural exports linked to the global popularity of Korean entertainment—often referred to as the “Korean Wave”—are also expected to open new commercial opportunities in food, consumer goods, and media-related industries.
These softer economic sectors are increasingly viewed as important complements to traditional trade flows.
Lee’s visit comes at a time when both countries are reassessing their positions within an increasingly fragmented global economy.
Supply chain disruptions, geopolitical tensions, and energy market instability have all reinforced the importance of diversified economic partnerships.
For South Korea, India represents a growing alternative manufacturing and consumption hub outside China-centric supply chains. For India, South Korea offers advanced industrial technology, investment capital, and expertise in high-value manufacturing.
Officials from both sides are expected to use the visit to lay the groundwork for long-term institutional cooperation, including potential joint ventures, infrastructure investment, and expanded defence collaboration.
The discussions are also likely to include mechanisms for improving policy coordination in response to global economic shocks.
As both countries seek to strengthen resilience in trade and industry, the New Delhi summit is widely viewed as a key step toward a more structured and comprehensive partnership framework.
Following his engagements in India, President Lee is scheduled to travel to Vietnam as part of a broader regional diplomatic tour focused on strengthening economic ties across Asia.
The visit underscores South Korea’s ongoing efforts to diversify its strategic partnerships and deepen engagement with fast-growing economies in the Indo-Pacific region.
