South Korea and India launch first economic security dialogue, discuss cooperation on shipbuilding, critical minerals and AI

[Financial News] South Korea and India have launched an economic security dialogue and are working to expand cooperation in supply chains and advanced industries. They agreed to flesh out agreements from the previous summit, focusing on shipbuilding and energy and resources, and to strengthen cooperation in strategic industries such as critical minerals and artificial intelligence (AI).
According to Cheong Wa Dae’s National Security Office on the 2nd, the two countries held their first economic security dialogue in Seoul that day. Song Ki-ho, Third Deputy Director of the National Security Office, and Pavan Kapoor, India’s Deputy National Security Adviser, served as chief delegates, respectively.
The dialogue is a follow-up to the South Korea–India summit held in April. At the time, the two leaders welcomed the launch of an economic security dialogue to strengthen supply chain resilience, diversify markets and foster cooperation on advanced technologies, as set out in their joint strategic vision for a special strategic partnership.
The meeting examined ways for the two countries to coordinate in response to the changing global economic security environment. In particular, based on the Joint Statement on Energy and Resource Security and the framework for cooperation in shipbuilding, shipping and maritime logistics announced at the summit, they discussed ways to achieve concrete results and implement their agreements.
The two countries plan to expand cooperation in space, critical minerals and AI as well.
Earlier, President Lee Jae Myung made a state visit to India in April and held a summit with Prime Minister Narendra Modi. In a joint press statement at the time, President Lee said, "We will also continue our cooperation to ensure a stable supply of key raw materials, including energy resources and naphtha." He explained that, in shipbuilding, the two sides had agreed to combine Korean companies’ technological capabilities with the Indian government’s support for building shipbuilding facilities, guarantees of demand for vessel orders and subsidies for ship production, among other measures, to expand opportunities for Korean companies to enter the local market.
Prime Minister Modi stressed in a joint press statement after the talks, "We will strengthen cooperation with South Korea on critical technologies and supply chains," adding, "We will also launch an economic security dialogue between the two countries."

[email protected] Choi Jong-geun Reporter