(3rd LD) S. Korea, India agree to cooperate on energy supply chains amid Mideast war
2026.04.20 21:48
(3rd LD) S. Korea, India agree to cooperate on energy supply chains amid Mideast war
(ATTN: ADDS presidential aide's briefing in last 2 paras, photo)
By Kim Eun-jung
NEW DELHI, April 20 (Yonhap) -- President Lee Jae Myung said he and Indian Prime Minister Narendra Modi agreed Monday to cooperate on stabilizing energy supply chains to better navigate uncertainties stemming from the war in the Middle East.
Outlining the outcomes of his summit with Modi in New Delhi, Lee said he and the Indian prime minister focused on expanding trade and investment, and exploring new opportunities in critical minerals, energy, artificial intelligence (AI), finance and shipbuilding, among other sectors.
"In light of recent developments in the Middle East, we will continue to strengthen bilateral cooperation to ensure a stable supply of energy resources and key raw materials, including naphtha," Lee said during a joint press announcement.
Naphtha is a key feedstock for the petrochemical industry, and South Korea imports most of it from the Middle East via the Strait of Hormuz, which has been effectively closed amid tensions between the United States and Iran.
Modi struck a similar note, saying India will strengthen cooperation in key technologies and supply chains with South Korea to promote the shared prosperity of both countries.
Lee said the two leaders agreed to maintain close coordination on regional peace and global issues amid the changing global dynamics.
"We exchanged views on the latest developments in the Middle East, and shared the view that restoring peace and stability in the region is critical to global security and the economy," he said.
Lee also said he explained Seoul's efforts to build peace on the Korean Peninsula and expressed appreciation for the Indian government's consistent support, while calling for its continued "constructive role."
Describing India as the world's most populous country and a leading voice of the Global South, Lee called the two nations "ideal partners for comprehensive cooperation" that fosters mutual growth and innovation.
To that end, the two countries agreed to expedite negotiations to upgrade their Comprehensive Economic Partnership Agreement (CEPA), setting a goal of increasing bilateral trade from the current US$25 billion to $50 billion by 2030.
"The upgraded agreement will reflect new trade norms, enabling our two countries to respond more effectively to evolving conditions, including in areas such as supply chains and the green economy," Lee said.
Modi said the two nations will resume negotiations to upgrade the CEPA within this year and make efforts to promptly finalize the talks.
In light of the summit, the two sides signed 15 documents aimed at boosting trade, investment and cooperation in areas including shipbuilding and AI, and establishing a ministerial-level industrial cooperation committee dedicated to economic cooperation.
Among the agreements, a memorandum of understanding on shipbuilding aims to support Korean companies' participation in India's shipbuilding projects, including those on the construction of shipbuilding facilities and providing production support.
The two nations also agreed to establish a "Mumbai Korea Center," which will serve as a K-pop performance venue and a hub for Korean culture, envisioned as a space blending K-pop and Bollywood, India's Hindi-language film industry.
Ahead of the summit, Lee paid tribute at Raj Ghat, a memorial dedicated to Mahatma Gandhi, and planted a commemorative tree with Modi at Hyderabad House.
During the summit, Lee and Modi discussed practical ways to facilitate economic cooperation by establishing dedicated teams in their respective countries, Kim Yong-beom, presidential chief of staff for policy, told reporters.
Acknowledging the difficulties Korean companies face due to regulatory uncertainty, Modi said his office would set up a "Korea desk" to serve as a control tower for bilateral economic cooperation. The prime minister also suggested that Seoul establish a corresponding unit under the presidential office, to which Lee responded positively, Kim said.
ejkim@yna.co.kr
(END)
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