New delhi: President Lee Jae Myung of South Korea and Indian Prime Minister Narendra Modi have reached a consensus to collaborate on stabilizing energy supply chains in response to the ongoing Middle East conflict.

According to Yonhap News Agency, during their summit in New Delhi, the two leaders outlined plans to enhance trade and investment, focusing on critical minerals, energy, artificial intelligence, finance, and shipbuilding. President Lee emphasized the importance of bilateral cooperation to ensure a steady supply of energy resources and raw materials, such as naphtha, which South Korea predominantly imports from the Middle East.

Prime Minister Modi echoed the sentiment, underscoring India's commitment to strengthening cooperation in key technologies and supply chains with South Korea. The leaders agreed on the necessity of maintaining close coordination on regional and global issues, particularly those affecting global security and economic stability.

President Lee further discussed efforts to promote peace on the Korean Peninsula and expressed gratitude for India's consistent support. Both countries are keen to expedite negotiations to upgrade their Comprehensive Economic Partnership Agreement (CEPA), aiming to double bilateral trade to $50 billion by 2030.

In connection with the summit, the two nations signed 15 agreements to boost trade, investment, and cooperation, including in shipbuilding and AI. A notable agreement involves a memorandum of understanding on shipbuilding, facilitating Korean participation in India's projects. Additionally, they plan to establish a "Mumbai Korea Center" to serve as a cultural hub for K-pop and Bollywood.

Ahead of the summit, President Lee paid homage at Raj Ghat and planted a tree with Prime Minister Modi at Hyderabad House. During discussions, both leaders explored practical measures to enhance economic cooperation by forming dedicated teams in their respective countries. Modi proposed setting up a "Korea desk" in his office to oversee bilateral economic collaboration, a suggestion that President Lee welcomed positively.