(LEAD) Lee eyes doubling S. Korea-India trade amid push for deeper economic ties
2026.04.20 21:29
(LEAD) Lee eyes doubling S. Korea-India trade amid push for deeper economic ties
(ATTN: UPDATES throughout with latest details; CHANGES headline, lead, photos)
By Kim Eun-jung
NEW DELHI, April 20 (Yonhap) -- President Lee Jae Myung on Monday called for efforts to more than double bilateral trade between South Korea and India by tapping growth potential and exploring new business opportunities in advanced technologies and shipbuilding.
Lee underscored the importance of forging deeper economic ties to address challenges arising from a changing global trade environment during a business forum in New Delhi, held after his bilateral summit with Indian Prime Minister Narendra Modi.
"The bilateral relationship is entering a new phase, while shared challenges we must address together, such as the restructuring of global supply chains, digital transformation and the climate crisis, are increasing," he said. "It is time to move beyond past approaches and build a more advanced framework for cooperation."
Lee said the current level of bilateral trade is insufficient given the size of India's vast economy, the world's fourth largest, pointing to significant potential for deeper cooperation and investment.
"By harnessing India's dynamism as a new engine, we should work to more than double our current trade volume," he said.
During Monday's summit, the two countries agreed to resume 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.
"If India's world-class capabilities in artificial intelligence (AI) and software are combined with Korea's manufacturing competitiveness in semiconductors, batteries, automobiles and shipbuilding, the two countries will be able to generate enormous synergy," he said.
In particular, Lee expressed hope for expanded cooperation in the shipbuilding sector following the signing of a memorandum of understanding (MOU) to lay the groundwork for joint shipyard construction.
The forum brought together top business leaders from both countries, including Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Executive Chair Euisun Chung and LG Group Chairman Koo Kwang-mo. On the Indian side, Vijay Sankar of the Sanmar Group and Ravi Ruia attended.
On the sidelines of the event, around 20 MOUs were signed to pave the way for expanded cooperation between South Korean and Indian companies, according to Cheong Wa Dae.
Korean steelmaker POSCO Holdings signed a joint venture deal, worth nearly $7.3 billion, with India's JSW Group to build an upstream steel facility in India.
In the energy sector, GS Engineering & Construction and Indian energy firm ARI Energy signed an MOU for a 920 billion-won ($623.4 million) wind turbine repowering project in India.
HD Korea Shipbuilding and Offshore Engineering also signed an agreement with the Indian Institute of Technology Madras to cooperate on AI-based manufacturing technologies for smart shipyards.
Other MOUs include a joint development agreement for three-wheeled electric vehicles between Hyundai Motor Company and TVS Motor Company, as well as a digital mapping services deal between Naver and Tata Consultancy Services.
ejkim@yna.co.kr
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