Lee pledges coordination with India on efforts to reopen Strait of Hormuz
New Delhi, April 20
President Lee Jae Myung stressed the need for South Korea and India to work together to ensure safe passage through the Strait of Hormuz in an interview published on Monday, also highlighting the need for joint efforts to stabilise global supply chains.
In a written interview with The Times of India, held before his summit talks with Indian Prime Minister Narendra Modi, he noted that the effective closure of the critical shipping route due to the prolonged conflict between the United States and Iran has been driving up global oil prices while also disrupting supply chains for key industrial materials, reports Yonhap news agency.
"Both the Republic of Korea and India depend on the Middle East for a significant share of their energy supplies, including crude oil and natural gas. Accordingly, ensuring the security of critical maritime routes is essential to the safety of our peoples and the very survival of our nations," Lee said, referring to South Korea by its official name.
Lee and Modi were set to hold a bilateral summit later in the day, which would mark their third in-person meeting since Lee took office last year.
The president said South Korea will collaborate with India on multilateral efforts to ensure safe passage through the strategic route and diversify energy supply chains to address uncertainties in the global economy.
"Korea will maintain close communication with India to ensure that all vessels can navigate the Strait of Hormuz safely and freely," he said. "We will also continue to work together in relevant international forums to uphold this shared commitment."
As part of efforts to reduce heavy dependence on imported energy and raw materials, Lee expressed hope to expand cooperation in critical mineral supply chains.
"By moving beyond the traditional model of importing raw material and combining Korea's technology with India's mining and refining industries, we can work together to establish stable critical-mineral supply chains," he said.
Lee also stressed the need to step up collaboration in strategic sectors, such as artificial intelligence, defense, and the shipping and shipbuilding industries, to deepen economic ties and create synergy between the two countries.
"Beyond traditional sectors such as electronics and automobiles, we will broaden cooperation into shipbuilding, finance, and the defence industry," he said.
— IANS
Reader Comments
Good to see focus on diversifying supply chains. We should not be at the mercy of any single route or conflict. Combining our mining with their tech makes perfect sense. Jai Hind!
While cooperation is welcome, I hope our government ensures this partnership is truly mutually beneficial. Sometimes these deals favor the more technologically advanced partner. Let's protect our interests.
As someone working in logistics, stable shipping routes are everything. The spike in oil prices affects everything from vegetables to electronics. This coordination is a step in the right direction for global trade.
Defence industry collaboration mentioned here is key. We have much to learn from South Korean shipbuilding and tech. This can boost 'Make in India' in strategic sectors.
The real test will be on the ground. We need more Indian naval presence to secure these routes, not just statements. Action speaks louder than words.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.