Seoul, New Delhi ink 20 MOUs as Middle East crisis reshapes bonds

South Korea and India have signed 20 memorandums of understanding (MOUs) aimed at expanding cooperation across key sectors, including steelmaking, shipbuilding, energy, electric vehicles, artificial intelligence, and cloud technologies.

The agreements were concluded at a business forum held in New Delhi on the sidelines of a summit between the President of South Korea, Lee Jae-myung, and Indian Prime Minister Narendra Modi, Caliber.Az reports via foreign media.

The event brought together around 250 South Korean business representatives, including senior executives from Samsung Electronics, Hyundai Motor Group, LG Group, POSCO, and HD Hyundai. They were joined by approximately 350 Indian business leaders representing major industrial and technology firms.

Among the key agreements are plans to jointly build a shipyard in India, develop electric vehicles, construct a steel production facility, modernise energy infrastructure, and expand cooperation in artificial intelligence and cloud computing.

The two sides also signed deals worth around $48 million and agreed to establish a joint industrial committee, as well as to begin negotiations on updating their Comprehensive Economic Partnership Agreement.

The cooperation is taking place against the backdrop of rising energy risks linked to the Middle East conflict, which is disrupting supply chains for key raw materials, including naphtha, used by South Korea’s petrochemical industry.

By Jeyhun Aghazada