President Lee Jae Myung, who is on a state visit to India, said after holding a summit with Prime Minister Narendra Modi on the 20th, “We will continue cooperation to ensure a stable supply of energy resources and key raw materials such as naphtha, considering the recent Middle East situation.”
At a joint press announcement following the summit on the same day, President Lee said, “We shared the view that stability and the restoration of peace in the Middle East region are crucial for global security and the economy,” and added, “We will continue close cooperation to maintain regional peace and address global issues.”
President Lee stated that, through this summit, “we will not only further enhance existing economic cooperation but also expand collaboration in strategic industries such as shipbuilding, finance, AI, defense and aerospace, and strengthen cultural and people-to-people exchanges.” To this end, the two sides agreed to establish a ministerial-level economic cooperation platform, the ‘Industrial Cooperation Committee,’ to strengthen collaboration in strategic areas including trade and investment, critical minerals, nuclear power plants, and clean energy.
President Lee Jae Myung and Indian Prime Minister Narendra Modi hold a joint press statement at the Yeongbingwan state guest house in New Delhi on the 20th. /News1
The two countries also signed the ‘Digital Bridge Framework’ to promote policy sharing, joint research, and expanded private-sector exchanges in AI, semiconductors, and quantum computing technologies, as well as a ‘Memorandum of Understanding (MOU) on Cooperation between Financial Authorities’ to lay the groundwork for Korean financial companies to enter the Indian financial market. In total, the two nations signed 21 MOUs and other agreements during this summit.
The two countries also adopted a joint declaration to resume negotiations for the improvement of the Korea-India Comprehensive Economic Partnership Agreement, CEPA, with the goal of reaching an agreement in the first half of next year, starting negotiations in May. CEPA is a type of Free Trade Agreement, FTA. The Korea-India CEPA took effect in 2010 but has had limited impact, leading to calls for improvement.
Originally written by: Park Sang-ki
Source: The Chosun Daily
Published on: 20 April 2026
Link to original article: South Korea, India Boost Energy, Strategic Cooperation
