IGI Logo

 President Lee Jae Myung returned home from his two-nation swing to India and Vietnam, where he focused on expanding strategic cooperation in energy and supply chains to address uncertainties stemming from the Middle East conflict. 

Lee wrapped up the six-day trip after holding summits with leaders of the two countries, aimed at deepening economic and strategic ties across various areas, reports Yonhap news agency.

On Monday, Lee held a bilateral summit with Indian Prime Minister Narendra Modi in New Delhi and agreed to step up economic cooperation in critical minerals, energy, artificial intelligence, finance and shipbuilding, among other sectors.

The two sides also pledged to accelerate talks to upgrade their Comprehensive Economic Partnership Agreement, which the countries say will help double their bilateral trade to US$50 billion by 2030 from the current $25 billion.

On Wednesday, Lee held summit talks with Vietnam's top leader To Lam in Hanoi and agreed to forge closer economic ties across energy, infrastructure and technology, and step up coordination for supply chains.

"In light of recent developments in the Middle East, we will continue to strengthen bilateral cooperation to ensure a stable supply of energy resources and key raw materials," Lee said after the summit.

The two sides also pledged to accelerate talks to upgrade their Comprehensive Economic Partnership Agreement (CEPA), which the countries say will help double their bilateral trade to US$50 billion by 2030 from the current $25 billion.

Fifteen memorandums of understanding (MOUs) were signed on the sidelines of the Lee-Modi summit to expand cooperation with India, the world's fourth-largest economy with a population of about 1.5 billion.

In particular, Lee expressed hope for collaboration in the shipbuilding sector following the signing of an agreement to lay the groundwork for the joint construction of a shipyard in the South Asian country.