India, South Korea signed MoU for Defence Industry Co-Operation in Shipbuilding

Apr 23, 2017 11:03 IST

India and South Korea on 21 April 2017 signed a inter-governmental Memorandum of Understanding (MoU) for defence industry co-operation in shipbuilding.

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The MoU was signed by Secretary (Defence Production), Ashok Kumar Gupta from the Indian side and Minister of Defence Acquisition and Programme Administration (DAPA), Chang Myoung-Jin from Korea’s side.

Salient features of the India-South Korea MoU

•    The MoU seeks to develop and strengthen defence industry co-operation between India and South Korea.

•    As part of the MoU, the two sides will recommend the organisations for collaborating in the implementation of specific projects.

•    The organisations recommended for co-operative projects may conclude separate agreements (contracts) between them to implement the specific projects.

•    The MoU will be initially valid for a period of five years and would be automatically extendable for further successive five year at a time.

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•    The Inter-Governmental Memorandum of Understanding (MoU) was conceived under the overall umbrella of the ‘Special Strategic Partnership’ between India and South Korea.

•    The Special Strategic Partnership was mentioned for the first time in the Joint Statement of the Prime Minister of India and the President of South Korea in May 2015.

•    To substantiate the ‘Special Strategic Partnership’, the two sides had inter-alia agreed to encourage greater co-operation between their shipyards in the defence sector.

•    Accordingly, it was decided to sign an inter-governmental MoU on ‘Defence Industry Co-operation in Shipbuilding’.

•    The Cabinet Committee on Security (CCS), headed by the Prime Minister Narenda Modi,  has accorded its approval for signing the above MoU with South Korea.

•    The CCS also gave its nod for the nomination of Hindustan Shipyard Limited (HSL), Visakhapatnam from the Indian side for the collaboration.

•    South Korea will indicate the name of its recommended organisation for the collaboration in due course of time.

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