India, South Korea sign pact for defence shipbuilding
India and South Korea have signed a MoU to strengthen their cooperation on defence shipbuilding.
The governments of India and South Korea signed a Memorandum of Understanding (MoU) on 21 April 2017 to strengthen their bilateral cooperation in defence shipbuilding.
The agreement was signed between Ashok Kumar Gupta, Secretary (Defence Production) and Chang Myong Jin, Korea’s Minister of Defence Acquisition and Programme Administration in New Delhi.
According to the MoU, the two countries under the broader term of a special strategic partnership will be nominating one shipyard each for the project.
Commenting on the development, Ashok Kumar Gupta stated that India has already chosen Hindustan Shipyard Limited (HSL) for the purpose while South Korea is still to announce its nomination.
Gupta further stated that this agreement will enable HSL to upgrade and modernise its facilities, which will, in turn, enable it to execute naval projects in a timely manner. The whole deal is in line with Narendra Modi-led Centre’s ‘Make in India’ initiative.
He also added by saying that the MoU will be useful for the development of vendors for supply of material and it will also help generate huge employment opportunities and will increase HSL’s turnover.
Speaking on the same, Korea’s Minister Jin stated that the agreement would form the basis of defence cooperation between the two countries in shipbuilding.