Indian Council of World Affairs

Abstract: President Lee Jae-myung of the Republic of Korea (RoK), or South Korea, completed back-to-back state visits to India (19-21 April) and Vietnam (21-24 April), underscoring Seoul’s pragmatic Global South diplomacy under the new administration. The visits reflected a fresh momentum for cooperation being pursued by South Korea at a time when the rules-based international order is becoming increasingly fluid and uncertain. This article focuses specifically on President Lee’s visit to India and its major outcomes, highlighting Seoul’s efforts to structurally recalibrate its engagement strategy with New Delhi. 

Introduction 

President Lee Jae-myung has undertaken a series of state visits to key countries since his appointment in June 2025. In 2026, he began the year with visits to China and Japan, whose bilateral relations are currently at one of their most turbulent stages, owing to the Taiwan factor.[1] The visit to India and Vietnam, held between 19 and 24 April 2026, signalled Seoul’s interest to strengthen ties with key global partners beyond the framework of major-power dynamics. These visits to India and Vietnam took place against the backdrop of a world facing growing instability, from the continuing war in Ukraine to the US-Iran stalemate in West Asia and the resultant shocks to global supply chains. 

Lee Jae-myung’s Visit to India

Amid these lingering tensions, President Lee Jae-myung held the first leg of his state visit to India from 19 April to 21 April 2026. This official visit to India for a Summit was also the first in eight years by a South Korean leader, with the last visit by former President Moon Jae-in in 2018.[2] This visit was also viewed as an effort to elevate the bilateral relations to a “whole new level”.[3] At the same time, it served as a reminder that the India-South Korea bilateral partnership has yet to realise its full potential. Bilateral trade, still hovering at USD 27 billion, is now pledged to reach USD 50 billion by 2030.[4]

President Lee was accompanied by the First Lady, Kim Hea Kyung, and a high-level delegation comprising ministers, senior officials and business leaders. The notable business leaders in the South Korean delegation were Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Eui-sun, LG Chairman Koo Kwang-mo, POSCO Holdings Chairman Chang In-hwa and HD Hyundai Chairman Chung Ki-sun.[5] The mobilisation of leading top Korean global companies is recognised as part of Seoul’s strategy to align foreign policy with corporate strategy, reflecting what is often described as “Chaebol Diplomacy”.[6]

Four major outcomes were delivered at the government level: the Joint Strategic Vision for the India-RoK Special Strategic Partnership; India-RoK Comprehensive Framework for Partnership in Shipbuilding, Shipping & Maritime Logistics; India-Republic of Korea Joint Statement on Cooperation in the Field of Sustainability; and India-Republic of Korea Joint Statement on Energy Resource Security.[7] Additionally, the Ministry of External Affairs, Government of India, listed 15 MoUs/frameworks and six major announcements as outcomes of the state visit.

Significant Outcomes of the Visit

President Lee Jae-myung’s visit to India highlighted a major focus on maritime and shipbuilding partnership as the two countries issued the “Shared Vision for Operation of Yard Assisted Growth with Efficiency and Scale (VOYAGES)”.[8] Through this shared vision, India and South Korea are pursuing concrete steps towards joint shipyard development, industry partnerships, infrastructure investment, workforce training, and institutional collaboration to build a resilient maritime ecosystem.[9] The shared vision, or VOYAGES, recognises how South Korea’s leading shipbuilding and maritime capabilities align with India’s ambitions for maritime expansion under the Maritime Amrit Kaal 2047 Vision.

In terms of economic security cooperation, discussions between the two leaders demonstrated a shift from a symbolic diplomatic partnership to concrete strategic implementation. Amid the global economic uncertainty and supply chain disruptions triggered by the war in Iran, partnership in high-technology sectors has become increasingly important for economic security. India and South Korea announced the launch of the India-RoK Economic Security Dialogue, aiming to enhance supply chain resilience, promote market diversification and advance cooperation in cutting-edge technologies based on mutual strategic trust.[10] To deepen the cooperation in AI, semiconductors and information technology, the “Framework for the India-Korea Digital Bridge” was also launched.[11] The strategic objective of this framework is to connect India’s AI software capabilities with South Korea’s semiconductor/manufacturing strength.

As part of their efforts to strengthen supply chain resilience, President Lee’s government had also announced South Korea’s plans to increase imports of naphtha from India during periods of supply chain disruptions or market instability, such as the one currently being faced due to the West Asian crisis.[12] Naphtha, a crude-oil derivative typically used as a feedstock for petrochemicals in industries, is critical to South Korea’s semiconductor and automobile sectors. South Korea is known to import 45 per cent of its naphtha demand, of which 77 per cent is normally sourced from West Asia.[13] India had accounted for nearly 8 per cent of South Korea’s naphtha imports in 2025.[14] In light of the uncertainty surrounding the Strait of Hormuz, the South Korean Ministry of Trade, Industry, and Energy and the Government of India's Ministry of Commerce and Industry signed an “MoU on the Establishment of the Industrial Cooperation Committee” to secure stable supply chains for strategic resources. As a result, South Korea is now reportedly importing around 23.2 per cent of its naphtha from India, making India the second-largest supplier after the US.[15]

A significant new area of cooperation is expected to emerge in the Small and Medium Enterprises (SME) sector with the signing of the “MoU on Cooperation in the Field of Small and Medium-sized Enterprises”.[16] This agreement marks a significant step towards deepening India–RoK economic cooperation and underscores the shared commitment to empowering Micro, Small, and Medium Enterprises (MSMEs) as key drivers of inclusive growth, innovation, and employment generation.[17] It also indicates South Korea’s intention to broaden its economic engagements with India, beyond large-conglomerate-led approach towards opportunities involving small and medium-sized enterprises.

Another significant outcome was South Korea’s decision to join two key global initiatives led by India: the International Solar Alliance (ISA), launched in 2015, and the Indo-Pacific Oceans Initiative (IPOI), launched in 2019.[18] The decision to join the ISA reflects the growing significance of solar energy in the global transition to cleaner and more sustainable energy systems. Through its participation in the IPOI, South Korea is expected to play a key role in advancing comprehensive initiatives to ensure a safe, secure and stable maritime domain, grounded in international law.

Post-visit Outcomes

Following President Lee Jae-myung’s visit to India, the South Korean Foreign Ministry immediately announced the launch of the “Korea-India Practical Cooperation Task Force” on 27 April 2026.[19] This task force is expected to assist the swift and systematic implementation of the Summit agreements across areas such as economic cooperation, cultural and people-to-people exchanges and cooperation with local governments. The task force will coordinate with relevant domestic ministries and agencies and actively leverage local networks in India, as well as the South Korean diplomatic mission in Delhi and consulates in Chennai and Mumbai, to address and expedite important business-related matters. This task force will be led by the Asia-Pacific Director General of the South Korean Foreign Ministry and will launch with eight working-level officials from the Asia-Pacific Affairs Bureau, the Bilateral Economic Diplomacy Bureau and the International Legal Affairs Bureau, with plans to add staff as required.

On 28 April 2026, President Lee held a cabinet meeting to take stock of his overseas visits.[20] The meeting highlighted that the South Korean leadership is increasingly placing India not merely as a diplomatic partner but also as a major long-term strategic and economic pillar. India was framed as a vast emerging market, part of the Global South, and a major future destination for South Korean SMEs, startups, manufacturing and cultural partnerships. In the context of supply chain diversification, geopolitical fragmentation and slowing opportunities in traditional export destinations, India is now being regarded as a critical partner for reducing dependence on the US-China-Europe triangle. The meeting also underscored that South Korea’s institutional capacity and strategic engagement with India have historically remained underdeveloped compared to India’s strategic importance. Broadly, the cabinet meeting following the visit emphasised how South Korea is taking a more serious and coordinated approach to a long-term engagement strategy with India.

In another follow-up meeting held by the South Korean Ministry of Trade, Industry and Resources (MOTIR), the discussions addressed India’s growing trade deficit with South Korea and proposed possible response options. Experts at the meeting observed that the “Korean companies’ supply chains in India are largely built around importing intermediate goods, processing them locally and selling them in the domestic market, a structure that has contributed to India’s trade deficit with Korea”.[21] It was proposed that South Korea should reshape its supply chains over the long term, develop India-based production sites into global production and export hubs and localise intermediate goods production.

Conclusion

The visit of President Lee Jae-myung to India from 19 to 21 April 2026 served as an opportunity to advance relations with a strategically rising India into a completely new phase. The visit can be seen as an effort by Seoul to generate a fresh momentum for cooperation across diverse sectors, “from chips to ships, talent to technology, and environment to energy”, while promoting shared progress and prosperity of both countries.[22]

South Korea is indeed looking at India with a more positive outlook, recognising that it had previously underutilised opportunities in India as a market for diversification, a sign of President Lee’s pragmatic Global South diplomacy. Concerns in Seoul largely centre on the perception that South Korea has underinvested institutionally and strategically in India, compared to countries such as Japan, China, and several European countries. President Lee Jae-myung's visit and the follow-up measures being undertaken suggest that Seoul is pursuing its diplomacy with India in highly practical terms to create new business opportunities, resolve regulatory barriers, identify new sectors for cooperation, and generate concrete follow-up implementation.

***** 

*Dr Tunchinmang Langel, Research Fellow, Indian Council of World Affairs (ICWA)
Disclaimer: The views expressed are personal.

Endnotes

[1] The Asahi Shimbun, 2026, “Takaichi, Lee tout improved Tokyo-Seoul ties at Nara summit,” January 13, 2026, https://www.asahi.com/ajw/articles/16281477 (Accessed April 24, 2026).

[2] Ministry of External Affairs Government of India, 2018, “State Visit of President of Republic of Korea to India,” July 2, 2018, https://www.mea.gov.in/press-releases.htm?dtl/30029/State_Visit_of_President_of_Republic_of_Korea_to_India (Accessed April 24, 2026).

[3] Ji Da-gyum, 2026, “Lee, Modi agree to take Korea-India ties to ‘whole new level’: Seoul,” The Korea Herald, April 21, 2026, https://www.koreaherald.com/article/10721571 (Accessed April 24, 2026).

[4] Lee Yeon-jae, 2026, “Lee Jae Myung wraps up India visit,” The Korea Herald, April 21, 2026, https://www.koreaherald.com/article/10722106 (Accessed April 24, 2026).

[5] Lee Seul-ki, 2026, “Lee pushes Korea-India business pact as top chaebol join forum in India,” ChosunBiz, April 20, 2026, https://biz.chosun.com/en/en-policy/2026/04/20/DA2LSKMHAZC5DJVK6PBTNBPLEI/ (Accessed April 28, 2026).

[6] Danny Phan and Valerie Pinto, 2026, “Chaebol Diplomacy: South Korea’s New ‘Third Pole’ Alliance,” APCO, April 23, 2026, https://apcoworldwide.com/blog/chaebol-diplomacy-south-koreas-new-third-pole-alliance/ (Accessed April 30, 2026).

[7] Ministry of External Affairs, Government of India, 2026, “List of Outcomes: State Visit of President of Republic of Korea to India (April 19-21, 2026),” April 20, 2026, https://www.mea.gov.in/bilateral-documents.htm?dtl/41062/List_of_Outcomes_State_Visit_of_President_of_Republic_of_Korea_to_India_April_1921_2026 (Accessed April 30, 2026).

[8] Ministry of External Affairs, Government of India, 2026, “India-ROK Comprehensive Framework for Partnership in Shipbuilding, Shipping and Maritime Logistics,” April 20, 2026, https://www.mea.gov.in/bilateral-documents.htm?dtl/41065/IndiaROK_Comprehensive_Framework_for_Partnership_in_Shipbuilding_Shipping_and_Maritime_Logistics (Accessed May 4, 2026).

[9] Ministry of External Affairs, Government of India, 2026, “India-ROK Comprehensive Framework for Partnership in Shipbuilding, Shipping and Maritime Logistics,” April 20, 2026, https://www.mea.gov.in/bilateral-documents.htm?dtl/41065/IndiaROK_Comprehensive_Framework_for_Partnership_in_Shipbuilding_Shipping_and_Maritime_Logistics (Accessed May 4, 2026).

[10] Ministry of External Affairs, Government of India, 2026, “Joint Strategic Vision for India-ROK Special Strategic Partnership,” April 20, 2026, https://www.mea.gov.in/incoming-visit-detail.htm?41066/Joint+Strategic+Vision+for+IndiaROK+Special+Strategic+Partnership (Accessed May 4, 2026).

[11] PIB, 2026, “Joint Strategic Vision for India-ROK Special Strategic Partnership,” April 20, 2026, https://www.pib.gov.in/PressReleasePage.aspx?PRID=2253977&ref=finshots.in®=3&lang=2 (Accessed May 5, 2026).

[12] Kim Na-young, 2026, “Seoul seeks expanded naphtha supplies from India amid Mideast disruptions: minister,” Yonhap News Agency, March 31, 2026, https://en.yna.co.kr/view/AEN20260331011400320 (Accessed May 5, 2026).

[13] Heejin Kim and Hyunjoo Jin, 2026, “South Korea's LG Chem to import Russian naphtha, source says,” Reuters, March 30, 2026, https://www.reuters.com/world/asia-pacific/south-korea-confirms-import-russian-naphtha-2026-03-30/ (Accessed May 11, 2026).

[14] Roshni Majumdar and Shakeel Sobhan, 2026, “South Korea, India agree to boost trade and defense ties,” DW, April 20, 2026, https://www.dw.com/en/south-korea-india-agree-to-boost-trade-ties-amid-global-tensions/a-76852123 (Accessed May 11, 2026).

[15] Korea JoongAng Daily, 2026, “US becomes largest naphtha exporter to Korea amid ongoing conflict in Iran,” April 30, 2026, https://koreajoongangdaily.joins.com/news/2026-04-30/business/industry/US-becomes-largest-naphtha-exporter-to-Korea-amid-ongoing-conflict-in-Iran/2582004 (Accessed May 12, 2026).

[16] Park Yong-sun, 2026, “South Korea and India forge SME innovation pact and boost startup exchanges,” ChosunBiz, April 21, 2026, https://biz.chosun.com/en/en-industry/2026/04/21/4CJOUAWVDZBJLN6EYJD7NH4RZ4/ (Accessed May 12, 2026)

[17] PIB, 2026, “India and Republic of Korea Sign MoU to Strengthen Cooperation in MSME Sector,” April 21, 2026, https://www.pib.gov.in/PressReleasePage.aspx?PRID=2254252®=3&lang=2 (Accessed May 12, 2026).

[18] ANI, 2026, “India, S Korea upgrade ties to ‘futuristic partnership’; Seoul joins global solar alliance, Indo-Pacific Oceans Initiative,” April 20, 2026, https://www.aninews.in/news/world/asia/india-s-korea-upgrade-ties-to-futuristic-partnership-seoul-joins-global-solar-alliance-indo-pacific-oceans-initiative20260420150337/ (Accessed May 12, 2026).

[19] Jung Sungmin, 2026, “South Korea Foreign Ministry Sets Up Korea-India Cooperation Task Force After Summit,” April 27, 2026, https://www.ajupress.com/view/20260427173070364 (Accessed May 13, 2026).

[20] MBC News, 2026, “"우리가 인도에 너무 무심했어요!" 알려진 것보다 더 큰 성과에 '깜짝'”, April 28, 2026, https://www.youtube.com/watch?v=v2Fw3Za8Mt4&t=112s (Accessed May 13, 2026).

[21] Ministry of Trade, Industry and Resources, Republic of Korea, 2026, “MOTIR Holds Expert Meeting on Economic Cooperation with India, One of the World’s Leading Economies,” May 11, 2026, https://english.motir.go.kr/eng/article/EATCLdfa319ada/2600/view?pageIndex=1&bbsCdN=2 (Accessed May 13, 2026).

[22] Shubhajit Roy, 2026, “Chips to ships: PM Modi and President Lee Unveil vision to double trade, launch ‘digital bridge’ between India and South Korea,” The Indian Express, April 21, 2026, https://indianexpress.com/article/india/pm-modi-south-korea-president-lee-jae-myung-meeting-trade-digital-bridge-10646606/ (Accessed May 13, 2026).