MoU for Cooperation with Republic of Korea in Logistics and Maritime Transport : Features

MoU for Cooperation with Republic of Korea in Logistics and Maritime Transport : Features

Question: Union Cabinet has recently given approval for an important MoU with Korea. Discuss the features of the MoU in the fields of maritime transport and logistics.

The Union Cabinet recently have approval for signing of a MoU for cooperation with the Republic of Korea in maritime transport and logistics.

MoU aims for enhanced cooperation in:

- Fields of maritime transport and logistics through technology sharing

- Information and experience sharing

- Training of seafarers as well as port operation

- Relationship development in the field of international maritime transport on principle of equality plus mutual benefits

- Facilitation of cooperation and collaboration between maritime transport and logistics related organisations and companies of the 2 nations

- Development, utilisation and management of domestic and overseas ports

- Pursuance of joint businesses

- Experts exchange in field of maritime transport and logistics

- Research and development in the field of maritime growth

- Other cooperation areas to be mutually decided by 2 nations

Facts and Stats

• Republic of Korea is one of the earliest foreign investors after the 1991 economic liberalisation of India

• Bilateral trade was 40% higher in 2013 as against 2009

• South Korean companies such as Samsung and LG have a strong presence in Indian markets

President Park Geun Hye has made her first foreign visit of 2014 to India