On Monday, South Korean President Lee Jae Myung will meet with Indian Prime Minister Narendra Modi at New Delhi, to discuss a boost in economic co-operation, especially in shipbuilding.

This is the first visit of a South Korean president to India in 8 years.

Lee, who was speaking at a Sunday dinner with the Korean community of New Delhi, said that "the level of economic co-operation between South Korea & India is still low."

"We will make South Korea-India's relationship completely different than it is today."

Wi Sung Lac, presidential advisor to the president, said that both countries want to improve their Comprehensive Economic Partnership Agreement. They aim to nearly double bilateral trade to $50 billion from $25.7 billion in 2013.

Lee will attend a number of 'business events' with top corporate executives during his visit. Wi stated that the two countries could also work together in areas such as finance, artificial intelligence and defence.

SEOUL LOOKS TO ?NEW DELHI FOR NAPHTHA

Lee stated on Sunday that the Iran War and the supply chain instability will make both countries the "most important strategic partners". He said that India is no longer just a market for consumers, but an important country in global supply and production chains.

Last month, South Korea asked India urgently to increase naphtha supplies to help cushion any potential disruption due to Middle East tensions.

India was responsible for about 8% (or a little more) of South Korea's imports of naphtha last year. South Korean Trade Minister Yeo Hankoo stated that greater?imports' could also help to ease trade imbalances.

According to data from the Korea International Trade Association, South Korea's?trade surplus was $12.8 billion last year, with exports valued at $19.2 billion dollars and imports worth $6.4 billion.

Maeng Hyun Chul, a researcher at the Asia Center of Seoul National University, spoke at a seminar on policy held at South Korea's Parliament last week. He noted India's 'longstanding complaint' about a growing trade deficit with South Korea, and said that commercial ties with South Korea had not kept up with political ties.

Shipbuilding, he said, could be a place for "greater cooperation" because it matches India’s priority of?job creation and draws on South Korean industrial strength. He added that the food and consumer sector, which is linked to Korean culture, could be a growth area.

Lee will visit Vietnam after India.

(source: Reuters)