South Korea's Lee: Middle East peace 'crucial' for global security, economy

South Korean President Lee Jae Myung on Monday said restoring peace and stability in the Middle East was "crucial" for global security and the economy. Lee made the remarks after Indian Prime Minister Narendra Modi hosted the South Korean president for a summit in New Delhi. Lee arrived in New Delhi on Sunday for a three-day visit, the first visit by a South Korean president to India in eight years.

Bilateral agreement

Prime Minister Modi and "I exchanged views on the recent events unfolding in the Middle East and agreed that restoring stability and peace in the Middle East is crucial to global security and the economy," said Lee, adding that both countries agreed to maintain close collaboration in "addressing" international issues.

Modi's message

Modi, in his remarks, said: "In this era of global tensions, India and (South) Korea together convey a message of peace and stability."

Trade target

On Monday, both countries decided to increase bilateral trade to $50 billion by 2030. It currently stands at around $27 billion, Modi said. He said the nations are laying a "foundation for the success stories of the next decade." "To deepen partnerships in AI (artificial intelligence), semiconductors, and information technology, we are launching the India-Korea digital bridge," he said.

Regional context

The comments by President Lee came amid regional tensions following the US-Israeli offensive on Iran that has killed more than 3,300 people since Feb. 28. A two-week ceasefire between Washington and Tehran, mediated by Pakistan, is set to expire by the dawn of Wednesday this week. A separate 10-day Israel-Lebanon ceasefire remains in effect.