South Korea and India hold summit in New Delhi to boost economic ties

Key facts

• South Korean President Lee Jae Myung visited New Delhi for talks with Prime Minister Narendra Modi.
• This is the first South Korean presidential state visit to India in eight years.
• The two countries are seeking to improve their Comprehensive Economic Partnership Agreement (CEPA).
• The bilateral trade target is to nearly double to $50 billion by 2030, up from $25.7 billion last year.
• Key areas for cooperation include shipbuilding, artificial intelligence (AI), semiconductors, finance, and defence.
• South Korea requested India to expand naphtha supplies to mitigate potential disruptions caused by Middle East tensions.
• India accounted for approximately 8% of South Korea's naphtha imports last year.
• According to the Korea International Trade Association (KITA), South Korea had a trade surplus of $12.8 billion last year, with exports worth $19.2 billion and imports of $6.4 billion.