India, South Korea Aim to Double Trade, Deepen Shipbuilding Ties
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Article content(Bloomberg) — South Korea and India agreed to deepen cooperation in defense and shipbuilding and to double bilateral trade as both seek stronger ties with reliable regional partners amid escalating Middle East tensionsSign In or Create an AccountEmail AddressContinueor View more offersArticle content“In this era of uncertainty, South Korea and India can become optimal all-encompassing cooperation partners to promote mutual growth and innovation,” said South Korean President Lee Jae Myung, after talks with Indian Prime Minister Narendra Modi in New Delhi Monday.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentSeoul and New Delhi are looking to deepen ties across sectors, as relations with Washington remain unpredictable under the Trump administration. They agreed to “expand cooperation in strategic industries including shipbuilding, finance, artificial intelligence and defense,” said Lee, the first South Korean president to make a state visit to India in eight years.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentModi said the two countries’ goal was to double bilateral trade to $50 billion by 2030. “Today, we are setting up the structures for deeper cooperation over the next decade,” he said. Article contentThe visit comes as India seeks to rapidly scale up its shipbuilding capacity and secure a larger role in global supply chains. South Korea, which has the world’s second-largest shipbuilding industry behind China, is well placed to offer key assistance to New Delhi.Article contentLee said the two countries will work to combine South Korean shipbuilders’ expertise with India’s support for ship production. India hopes to capture more of the maritime value chain at a time when shifting trade dynamics and geopolitical tensions are reshaping where the world builds and how it moves goods.Article contentArticle contentThe two leaders also discussed the Middle East situation and called for restoration of stability in the region for global security and economy, Lee said. “In light of the recent situation in the Middle East, we will also continue cooperation to ensure a stable supply of energy resources and key raw materials such as naphtha,” he added. Article contentSouth Korea, a US security ally, has been facing increasing pressure from President Donald Trump to send warships to the Strait of Hormuz to help protect shipping. Article contentDuring the India visit, Lee is also set to deliver a speech at a business forum that will be joined by some 250 South Korean business leaders including heads of the country’s leading conglomerates such as Samsung Electronics, Hyundai Motor and LG, Lee’s office said.Article content—With assistance from Shinhye Kang.Article contentTrending US Seizes Iranian Ship in Blockade, Casting Doubt on Peace Talks PMN Business Posthaste: Why Canadians might be doomed to suffer a 'new normal' for oil prices News Brace for gas price 'shock' in inflation numbers out Monday, say economists Economy A rise in mortgage rates may ‘pull the rug' out from under the spring housing market, says CREA Mortgages Disney debuts giant screen brand for cinemas to rival Imax Retail & Marketing Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. US Seizes Iranian Ship in Blockade, Casting Doubt on Peace Talks PMN Business Posthaste: Why Canadians might be doomed to suffer a 'new normal' for oil prices News Brace for gas price 'shock' in inflation numbers out Monday, say economists Economy A rise in mortgage rates may ‘pull the rug' out from under the spring housing market, says CREA Mortgages Disney debuts giant screen brand for cinemas to rival Imax Retail & Marketing