President Lee Jae Myung highlighted the importance of collaboration between South Korea and India to ensure the secure navigation of the Strait of Hormuz. He stressed the significance of joint efforts to stabilize global supply chains. The closure of the shipping route due to the U.S.-Iran conflict has led to increased oil prices and disruptions in the supply of industrial materials.
Lee, in an interview with The Times of India before his meeting with Prime Minister Narendra Modi, emphasized that both countries rely heavily on the Middle East for energy supplies. He underscored the critical role of safeguarding maritime routes for the safety and survival of their nations. The upcoming bilateral summit between Lee and Modi would be their third face-to-face meeting since Lee assumed office.
The President expressed South Korea’s commitment to collaborating with India on ensuring safe passage through the strategic route and diversifying energy supply chains. He highlighted the necessity of multilateral efforts to address uncertainties in the global economy. Lee stated that maintaining open communication with India is crucial for the safe navigation of vessels through the Strait of Hormuz.
In a bid to reduce reliance on imported energy and raw materials, Lee proposed expanding cooperation in critical mineral supply chains. He suggested a new approach of combining Korea’s technology with India’s mining and refining industries to establish stable supply chains for critical minerals. Additionally, Lee emphasized the importance of enhancing collaboration in strategic sectors like artificial intelligence, defense, shipping, and shipbuilding to deepen economic ties between the two nations.
