‘Ties with South Korean firms path breaking for defence sector’

 The Dollar Business Bureau South Korean companies will play a strategic role in partnering with Indian companies, said industry body FICCI. While describing the bilateral cooperation as “path breaking”, the Federation of Indian Chambers of Commerce and Industry (FICCI) said that the initiative will pave ways for joints strategies to develop a stable and secure South East Asian Region from the defence and aerospace perspective. Praising South Korean industries for cutting-edge technologies, products and systems, the industry body said that many of these are apt for adaptation and building in India for Indian armed forces through co-development and co-production under the Make-in-India initiative of the Indian government. During Prime Minister Narendra Modi’s visit, both the countries agreed to work towards boosting the strategic relationship and scaling it to new highs in military diplomacy. “The mutual trust and friendship will help in creating an environment to encourage Korean companies to participate in make in India initiative for co-development and co-production,” said A Didar Singh, Secretary General, FICCI. He said that Korean companies will play a strategic role in partnering with Indian companies, especially private sector, towards development of ship building, submarine construction, design and construction of landing crafts. Besides, a variety of marine equipment and systems, tracked vehicles, mine counter measure vessels, land-based artillery rocket systems, thermal imaging systems, propulsion systems for armoured vehicles will also benefit from the cooperation. Cooperation in shipbuilding will help Indian companies to enter into global supply chain and gradually enhancing India’s position in the global market. Singh said that South Korea was one of the first countries that realised the potential of India as a manufacturing hub and set up manufacturing units in the country. “India is today a home for many big and small Korean companies and Korean expats with ecosystems to support Korean citizens and make them feel homely during their deputation to India,” he said. During his visit, Modi also announced the setting up of Korea-Plus, a special mechanism to encourage South Korean investors in India. “The Korea-Plus may evolve as a single window system given the interdependence and complementarity between Indian and Korean businesses,” the FICCI official said.    

May 20, 2015 | 6:55 pm IST.