India and South Korea on Friday April 21,2017 signed two agreements to build artillery guns for the Indian Army and for collaboration in shipbuilding.
One of them is an Inter-Governmental Agreement (IGA) between the governments while the other is a manufacturing agreement between two private companies.
The Inter-governmental Memorandum of Understanding (MoU) for defence industry co-operation in shipbuilding was signed by Ashok Kumar Gupta, Secretary Defence Production from India and Chang Myoung-Jin, Minister of Defence Acquisition and Programme Administration (DAPA), South Korea.
India has already nominated Hindustan Shipyard Limited (HSL), Visakhapatnam while South Korea will designate their shipyard soon. The MoU was conceived under the overall umbrella of the ‘Special Strategic Partnership’ between both sides, Defence Ministry said in a statement.
“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 extended for further successive five year at a time,” the statement added
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