Lee will engage in talks with Indian Prime Minister Narendra Modi in New Delhi. The discussions will focus on expanding economic collaboration in shipbuilding, maritime industries, artificial intelligence, and defense. This visit marks Lee as the first South Korean president to visit India in eight years.

South Korea and India have set an ambitious target: they aim to double bilateral trade to $50 billion by 2030. In the financial year ending March 2025, total trade between the two nations was valued at $26.89 billion. Last year, South Korea exported goods worth $19.2 billion to India while importing $6.4 billion, resulting in a trade surplus of $12.8 billion for South Korea.

During this visit, Lee plans to attend a business forum aimed at exploring new opportunities for Korean companies in India. He noted that “the level of economic cooperation between South Korea and India is still very low.” This statement underscores the potential for growth in their partnership.

India plays a crucial role in South Korea’s energy needs; it supplied about 8% of South Korea’s naphtha imports last year. Modi echoed the sentiment of growth during his remarks, stating, “Both countries will double bilateral trade to $50 billion by 2030.” This mutual commitment highlights the importance both leaders place on strengthening ties.

The two countries have been discussing trade and cooperation since at least 2018. Yet, this visit represents a significant step forward in formalizing those discussions into actionable strategies. Lee emphasized that in an era of hyper uncertainty, the two nations can be ideal partners for comprehensive cooperation that promotes mutual growth and innovation.

Looking ahead, the outcomes of these talks could reshape economic interactions between South Korea and India significantly. What remains uncertain is how quickly both countries can implement their ambitious goals and whether they will overcome existing barriers to trade.

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