India has signed a Memorandum of Understanding (MoU) with the Republic of Korea regarding defence industry cooperation in shipbuilding on 21 April. The five-year MoU is part of the overall 'Special Strategic Partnership' between the two countries and will likely to include construction AIP submarines for the Indian Navy.
The salient points of the MoU are as follows;
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.