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.
In line with the MoU, the two countries beneath the broader term of an special strategic partnership would be nominating one shipyard each for any project. Commenting on the building, Ashok Kumar Gupta stated that India has recently chosen Hindustan Shipyard Limited (HSL) with the objective while South Korea is still to announce its nomination.
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Gupta further stated until this agreement will enable HSL to upgrade and modernise its facilities, that can, thus, enable it to execute naval projects in the timely manner. An entire deal is consistent with Narendra Modi-led Centre's ‘Make in India'initiative.
He also added by saying that the MoU will be informative to add mass to vendors for availabilit of material as well as also help generate huge occupations and often will increase HSL's turnover.
Speaking on a single, Korea's Minister Jin stated the agreement would form the basis of defence cooperation between the two countries in shipbuilding.