Korean companies keen on investing in India’s defence industrial corridors in Tamil Nadu and UP: Korean Defence Minister
NEW DELHI, August 10, 2018. Korea-India defence cooperation will get a major boost with Korean defence contractors evincing avid interest in investing in India’s defence industrial corridors coming up in Tamil Nadu and Uttar Pradesh.
This was stated here today by the Korean Defence Minister, Mr. Song Young-moo, while addressing the India-RoK Defence Industry Business Forum organized by FICCI and the Embassy of the Republic of Korea.
Mr. Young-moo said the Korea-India defence industrial cooperation falls within the ambit of Korea’s ‘New Southern Policy’ and India’s ‘Act East’ policy. He assured Indian companies of a conducive business and legal environment to develop synergies between the companies from the two countries.
Secretary, Defence Production, Dr. Ajay Kumar, proposed three areas for a sustainable, long term partnership in defence between India and Korea. The cooperation, he said, could be based on electronics and IT; technology with respect to specialised materials for armour, ships and aircraft; and engine technology which is integral to any weapons system.
He said Korea’s excellence in manufacturing and technology and India’s strengths in human resources, its vast market, IT and software could be synergized for an enduring relationship.
Mr. J D Patil, Whole-time Director and Member of the Board, Larsen & Toubro Ltd. and Chairman, FICCI Defence Committee, said the way forward for India-Korea defence partnership was co-development and co-production of weapons systems. The defence package offered by prominent Korean companies pre-eminently suited India’s defence requirements, he added.
FICCI Secretary General, Mr. Dilip Chenoy, said the time was now ripe to build on the defence relationship through bilateral investments. He expressed the hope that defence cooperation between the two countries would become a model and further strengthen economic cooperation between India and Korea.
Earlier, Mr. Ravin Kulshrestha, Director (Planning and Coordination), Ministry of Defence, gave a presentation on ‘Opportunities in Defence Industrial Corridors’.
The Business Forum witnessed presentations by seven Korean companies on possible areas for defence cooperation. The companies included DI Optical, Doosan Infra Core, Hanhwa Defence, Hanhwa System, Gyundai Roten, Korea Aerospace Industry and LIG Nex1.