NEW DELHI (Bernama-Yonhap) -- President Lee Jae Myung said he and Indian Prime Minister Narendra Modi agreed Monday to cooperate on stabilising energy supply chains to better navigate uncertainties stemming from the war in West Asia, Yonhap News Agency reported.
Outlining the outcomes of his summit with Modi in New Delhi, Lee said he and the Indian prime minister focused on expanding trade and investment, and exploring new opportunities in critical minerals, energy, artificial intelligence (AI), finance and shipbuilding, among other sectors.
"In light of recent developments in West Asia, we will continue to strengthen bilateral cooperation to ensure a stable supply of energy resources and key raw materials, including naphtha," Lee said during a joint press announcement.
Naphtha is a key feedstock for the petrochemical industry, and South Korea imports most of it from West Asia via the Strait of Hormuz, which has been effectively closed amid tensions between the United States and Iran.
Modi struck a similar note, saying India will strengthen cooperation in key technologies and supply chains with South Korea to promote the shared prosperity of both countries.
Lee said the two leaders agreed to maintain close coordination on regional peace and global issues amid the changing global dynamics.
"We exchanged views on the latest developments in West Asia, and shared the view that restoring peace and stability in the region is critical to global security and the economy," he said.
-- BERNAMA-YONHAP
