India has signed an agreement with South Korea to strengthen bilateral cooperation in defence shipbuilding.
The MoU has been conceived as per the strategic partnership between the two sides. It will nominate one shipyard each for this purpose.
For this Hindustan Shipyard Limited (HSL) has been picked by India while Korea is yet to will make the nomination and it will make it soon.
Benefits of the agreement:
Useful for the development of vendors for supply of material.
Will generate huge employment opportunities
Turnover of HSL will increase.
