SEOUL, April 20 — South Korean President Lee Jae Myung heads into talks with Indian Prime Minister Narendra Modi in New Delhi today, aiming for a big boost in economic...
The visit marks the first South Korean presidential trip to India in eight years, with both sides aiming to boost economic ties. — Reuters pic! Plus, enjoy an additional FREE RM10 when you sign up using code VERSAMM10 with a min.
cash-in of RM100 today. T&Cs apply.SEOUL, April 20 — South Korean President Lee Jae Myung heads into talks with Indian Prime Minister Narendra Modi in New Delhi today, aiming for a big boost in economic cooperation, particularly in areas such as shipbuilding.“The level of economic cooperation between South Korea and India is still very low,” Lee said yesterday at a dinner meeting with members of the Korean community in New Delhi. “Going forward, we will expand that space and make the relationship between South Korea and India completely different from what it is now.” The two countries are seeking to improve their Comprehensive Economic Partnership Agreement with the aim of nearly doubling bilateral trade to US$50 billion by 2030 from US$25.7 billion last year, according to presidential adviser Wi Sung-lac. During his stay, Lee will also take part in business events with corporate leaders. Other areas where the countries might work together include finance, artificial intelligence and defence, Wi said.Lee said yesterday that supply chain instability and global economic strains linked to the Iran war will make the countries “the most important strategic partners” for each other. He also described India as no longer just a consumer market, but a key country in global production and supply chains. Last month, South Korea urgently asked India to expand naphtha supplies, seeking to cushion potential disruption from Middle East tensions. India accounted for about 8 per cent of South Korea’s naphtha imports last year. South Korean Trade Minister Yeo Han-koo said greater imports could also help ease trade imbalances between the two countries. South Korea had a US$12.8 billion trade surplus last year, with exports worth US$19.2 billion and imports of US$6.4 billion, according to Korea International Trade Association data. In a policy seminar at South Korea’s parliament last week, Maeng Hyun-chul, a research fellow at Seoul National University’s Asia Center, noted India’s longstanding complaint of a widening trade deficit with South Korea and said that political ties had not kept pace with commercial ties. He said shipbuilding could emerge as an area for greater cooperation because it matches India’s priority on job creation while drawing on South Korean industrial strengths. Food and consumer sectors linked to the popularity of Korean culture could also be areas for growth, he added.
Narendra Modi Comprehensive Economic Partnership South Korea India Trade Shipbuilding Cooperation Naphtha Supply Chain
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