South Korean President Lee Jae Myung arrived in New Delhi on Monday, April 20, 2026, for a state visit aimed at sharply expanding economic ties with India, with a particular focus on shipbuilding and other industrial cooperation. The visit — South Korea’s first presidential state visit to India in eight years — includes talks with Prime Minister Narendra Modi and a schedule of business events with corporate leaders.
Speaking at a dinner with members of the Korean community in New Delhi on Sunday, Lee said bilateral economic cooperation “is still very low” and pledged to “expand that space and make the relationship between South Korea and India completely different from what it is now.” Presidential adviser Wi Sung-lac said both countries are seeking to update their Comprehensive Economic Partnership Agreement to nearly double two-way trade to $50 billion by 2030 from $25.7 billion last year.
Lee’s agenda also highlights collaboration in finance, artificial intelligence and defence, Wi added, reflecting a push to broaden ties beyond goods to technology and strategic sectors. Lee described India as no longer merely a consumer market but a crucial node in global production and supply chains, and he called the two countries “the most important strategic partners” amid supply-chain instability and the economic fallout from the Iran war.
Energy and feedstock trade is already part of the talks. Seoul urgently requested expanded naphtha supplies from India last month to help cushion potential disruptions from Middle East tensions. India accounted for about 8% of South Korea’s naphtha imports last year, and Trade Minister Yeo Han-koo said greater Indian shipments could help address trade imbalances between the two countries.
Korean data show South Korea ran a $12.8 billion trade surplus with India last year, with exports of $19.2 billion and imports of $6.4 billion, according to the Korea International Trade Association. Maeng Hyun-chul, a research fellow at Seoul National University’s Asia Center, noted that India has long complained of a widening deficit with South Korea and that political ties have lagged commercial links.
Observers say shipbuilding could be a natural area for deeper cooperation because it aligns with India’s job-creation priorities while leveraging South Korea’s industrial strengths; food and consumer goods tied to the popularity of Korean culture are also seen as growth areas. After concluding his visit to India, Lee is scheduled to travel to Vietnam.
Original Source: https://www.firstpost.com/business/south-koreas-lee-to-push-trade-shipbuilding-boost-in-summit-with-modi-14002254.html
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Publish Date: 2026-04-20 08:19:00
