Ryu Jin, chief of the Federation of Korean Industries, speaks during a business forum between Korea and India at the Bharat Mandapam Convention Center in New Delhi, Monday (local time). Yonhap
Korea and India inked 20 memorandums of understanding (MOUs) for deeper cooperation in the steel, shipbuilding, energy and other sectors, the industry ministry said Tuesday.
The MOUs were signed between major Korean and Indian companies during the bilateral business forum held on the sidelines of the summit between President Lee Jae Myung and Indian Prime Minister Narendra Modi in New Delhi on Monday (local time), according to the Ministry of Trade, Industry and Resources.
The forum was attended by some 250 Korean business leaders, including Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Euisun Chung, LG Group Chairman Koo Kwang-mo, POSCO Group Chairman Chang In-hwa and HD Hyundai Chairman Chung Ki-sun. From India, some 350 business leaders participated in the event, including Anant Goenka, president of the Federation of Indian Chambers of Commerce & Industry, Vijay Sankar, chairman of the Sanmar Group, Ravi Ruia, vice chairman of the Essar Group, and Jayant Acharya, chief executive officer of JSW Steel.
The memorandums include an initial agreement between HD Korea Shipbuilding & Offshore Engineering and India's NSHIPTN and Sagarmala Finance to join forces for the construction of a new shipyard in India.
Hyundai Motor and TVS Motor have agreed to partner for the development of an electric three-wheeler for the India market, while POSCO Holdings and the JSW Group agreed to establish a joint venture for investment in an Indian steel mill.
GS Engineering & Construction signed an MOU with India's Arie Energy for the repowering project of an old wind power generation plant in India, while Korean IT giant Naver decided to partner with Tata Consultancy Services for cooperation in artificial intelligence and cloud services businesses.
On Tuesday, the ministry said it held a separate business partnership event for Korean and Indian companies in New Delhi, where export deals worth a combined $48 million were signed.
Source: Korea Times News
