India, South Korea Expand Partnership Across Energy, Shipbuilding And Semiconductor Sectors

(MENAFN- KNN India) New Delhi, Apr 21 (KNN) India and South Korea have reaffirmed their special strategic partnership, with a focus on strengthening energy cooperation, supply chain resilience, and trade ties in the Indo-Pacific region.

During the official visit of South Korea's President Lee Jae Myung from April 19-21, both sides emphasised their shared vision for an open, inclusive and prosperous Indo-Pacific, underpinned by a rules-based trading system and open markets.

Focus on energy trade and CEPA framework

The two countries reiterated their commitment to enhancing energy resource trade and investment under the Comprehensive Economic Partnership Agreement (CEPA) and other bilateral mechanisms.

India remains a key supplier of naphtha and petroleum feedstocks to South Korea, while South Korea exports petroleum products and lubricant base oils to India.

They also agreed to strengthen cooperation across the energy value chain and explore closer coordination among major liquefied natural gas (LNG) consuming nations to improve market transparency and stability.

Strengthening supply chains and maritime infrastructure

Recognising the importance of resilient supply chains, both countries stressed the need to enhance regional cooperation and support open trade in energy resources. They also highlighted the role of maritime infrastructure and shipbuilding in ensuring energy security.

Cooperation in the shipbuilding sector will include potential investments in shipyards in India, modernisation initiatives, technology partnerships, and human resource development.

India and South Korea called on regional partners to work together to keep global energy supply chains open, ensuring stability and economic security for all stakeholders.

Leaders highlight economic potential

During the India-Korea Business Leaders' Dialogue, Prime Minister Narendra Modi highlighted the significant potential of the bilateral economic partnership across sectors.

He noted that discussions focused on strengthening supply chains, promoting future-ready industries, and creating employment opportunities.

Following bilateral talks, the two sides signed 15 agreements, including frameworks for industrial cooperation and strengthening steel supply chains. Both India and Korea agreed to expand collaboration in key sectors such as energy, critical minerals, shipbuilding, and semiconductors.

(KNN Bureau)

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