New delhi: South Korea and India have strengthened their industrial collaboration by signing 20 memorandums of understanding (MOUs) across the steel, shipbuilding, and energy sectors, as announced by the industry ministry on Tuesday. These agreements aim to deepen the cooperation between major Korean and Indian companies, enhancing bilateral trade and investment.
According to Yonhap News Agency, the MOUs were signed during a bilateral business forum held in conjunction with the summit between South Korean President Lee Jae Myung and Indian Prime Minister Narendra Modi in New Delhi. The event attracted significant attention, with around 250 Korean business leaders in attendance, including prominent figures such as Samsung Electronics Co. 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 Co. Chairman Chung Ki-sun. From the Indian side, approximately 350 business leaders participated, including Anant Goenka, President of the Federation of Indian Chambers of Commerce and Industry, Vijay Sankar, Chairman of the Sanmar Group, Ravi Ruia, Vice Chairman of the Essar Group, and Jayant Acharya, CEO of JSW Steel Ltd.
The agreements encompass various strategic partnerships. Among them is a preliminary agreement between HD Korea Shipbuilding and Offshore Engineering Co. and India's NSHIPTN and Sagarmala Finance Corp. to collaborate on the construction of a new shipyard in India. Additionally, Hyundai Motor and TVS Motor have committed to developing an electric three-wheeler tailored for the Indian market. Another significant partnership involves POSCO Holdings and the JSW Group, who have agreed to establish a joint venture for investment in an Indian steel mill.
Further MOUs include an agreement between GS Engineering and Construction Corp. and India's Arie Energy to undertake a repowering project for an old wind power generation plant in India. Moreover, Korean IT giant Naver Corp. has decided to collaborate with Tata Consultancy Services in the artificial intelligence and cloud services sectors.
On Tuesday, the ministry also hosted a separate business partnership event in New Delhi, leading to export deals valued at a combined US$48 million, underscoring the growing economic ties between the two nations.