President Lee Jae Myung concluded his state visits to India and Vietnam, emphasizing South Korea’s emphasis on securing energy supplies and strengthening raw material supply chains amidst global market uncertainties due to Middle East conflicts. The six-day trip involved summits to enhance economic and strategic cooperation with the two fast-growing economies, crucial for Seoul’s diversification of supply chains and procurement of essential minerals for manufacturing. In India, President Lee engaged in a bilateral summit with Prime Minister Narendra Modi, focusing on economic collaboration in critical minerals, energy, artificial intelligence, finance, and shipbuilding.
The visits occurred amid the ongoing U.S.-Iran conflict, which has disrupted energy flows and raised concerns about chokepoints like the vital Strait of Hormuz, crucial for South Korea’s oil and industrial feedstock imports. President Lee and Prime Minister Modi agreed to bolster cooperation to ensure stable energy and raw material supplies, aiming to double bilateral trade to $50 billion by 2030. Notably, fifteen memorandums of understanding were signed during the summit to expand cooperation, with a specific interest in shipbuilding collaboration.
In Vietnam, President Lee met with top leader To Lam to strengthen economic ties in energy, infrastructure, and technology, focusing on supply chain coordination to mitigate Middle East-related volatility. Vietnam, a key manufacturing hub for South Korean companies, aims to enhance bilateral trade to $150 billion by 2030. The visit solidified agreements in various sectors, including energy, infrastructure, AI, and transportation, with a new focus on nuclear energy cooperation. Korea Electric Power Corporation (KEPCO) and Vietnam National Industry-Energy Group signed MOUs for joint feasibility studies and financing for potential nuclear power projects, supporting Vietnam’s nuclear energy revival plans.
President Lee’s engagements in Vietnam also included discussions with Prime Minister Le Minh Hung and National Assembly Chairman Tran Thanh Man to advance bilateral relations. National Security Adviser Wi Sung-lac highlighted the trip’s significance in fostering deeper economic cooperation with key partners, leveraging growth opportunities and expanding Seoul’s ties with the Global South.
