Rajnath Singh invites South Korean Defence Industries to invest in India
@rajnathsinghIndia and South Korea have formulated a forward-looking road map to take bilateral Defence Industry co-operation to the next level.
Defence Minister said this while addressing Chief Executive Officers of Korean and Indian Defence Industries in Seoul yesterday. He said the roadmap has listed a number of proposed areas of co-operation in sectors of Land Systems, Aero Systems, Naval Systems, Research and Development Co-operation and others.
The Defence Minister also 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 the reduction of import bill. He assured the Korean Industry that the Indian Government will take all necessary steps to facilitate investment and joint ventures.
Later, Defence Minister addressed the captains of Indian and South Korean 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.