India and South Korea signed an Inter-governmental Memorandum of Understanding (MoU) for Defence Industry Co-operation in Shipbuilding.
The Inter-Governmental MoU, was conceived under the overall umbrella of the ‘Special Strategic Partnership’ between both sides as declared in the Joint Statement of the Prime Minister of India and the President of RoK in May 2015.
The salient points of the MoU are as follows:-
Develop and strengthen defence industry co-operation between Republic of India and the Republic of Korea.
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 come into effect from the date of signature by both sides and will be initially valid for a period of five years and would be automatically extendable for further successive five year at a time.