Rajnath Singh invites South Korean Defence manufacturing companies to invest in India

Rajnath Singh invites South Korean Defence manufacturing companies to invest in India

Agency News

Seoul, Sep 6: India and the Republic of Korea (ROK) have formulated a forward looking roadmap to take bilateral Defence Industry co-operation to the next level, Defence Minister Rajnath Singh said on Friday.

While addressing the CEOs of Korean and Indian Defence Industries here, Mr Singh said the roadmap has listed a number of proposed areas of cooperation in sectors of Land Systems, Aero Systems, Naval Systems, R&D cooperation and collaboration in Testing, Certification and Quality Assurance.

The minister invited the Korean Industry to explore the feasibility of local production of items, used in main weapon system, imported by Indian Defence PSUs.

He proposed setting up of a task force which identifies such items which are economically viable and locally produced in India resulting in reduction of import bill.

“India offers tremendous business opportunity to Korean defence industries in India with liberalised licencing regime, attractive FDI provisions, strong and skilled industrial workforce, single window clearances and establishment of Defence Investor Cell to facilitate investors and various other industry friendly initiatives,” said Mr Singh.

He also invited a delegation from Korean Defence Industries to participate in DefExpo 2020 which will be held from February 05 – 08 in Lucknow.

The minister also took note of the MoU being entered into to facilitate participation of large OEMs, MSMEs and Korean Industries in various Defence Exhibitions in India. “Attractive discounts can also be offered to such companies who come forward to participate in Def Expo 2020,” he added.

Mr Singh further expressed confidence that India and ROK will seize the opportunity for a win-win situation by collaboration, cooperation, co-production and co-development. He assured the Korean Industry that the Indian Government will take all necessary steps to facilitate investment and joint ventures.

Earlier, the CEO Forum was given detailed information about India’s initiatives to attract investments in Indian Defence Corridors from ROK’s defence industries. The Forum was jointly organised by Embassy of Indian and Department, Defence Production, Ministry of Defence (MoD).

The senior government officials and industry leaders of both sides also held Business-to-Government (B2G) meeting in which they explained various investment opportunities available in defence corridors in Uttar Pradesh & Tamil Nadu and the upcoming DefExpo 2020.

Later, the minister addressed the captains of Indian and RoK Defence Industry at the reception given by Indian Embassy in Seoul. He assured the South Korean Industry leaders that the Government will facilitate investments in India’s Defence corridors and extend all incentives and concessions as per the policy. He said those companies can have easy access to markets in other countries in the region.

“We are progressing towards becoming a manufacturing hub of defence equipment and investors can use India as a springboard to export defence equipment manufactured in India to various friendly countries in Southeast Asia, Middle Asia, Middle East Asia, South Asia and Africa”, Mr Singh added. (UNI)