New delhi: President Lee Jae Myung was set to attend a business forum in New Delhi aimed at bolstering economic ties and exploring new opportunities in digital technologies, steel, shipbuilding, automobiles, and other areas, the presidential office said Monday. The forum, to be held later Monday, will bring together top business leaders from both countries, including Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Executive Chair Euisun Chung, and LG Group Chairman Koo Kwang-mo. On the Indian side, Vijay Sankar of the Sanmar Group and Ravi Ruia are among those invited, according to Cheong Wa Dae.
According to Yonhap News Agency, on the sidelines of the event, around 20 memorandums of understanding (MOUs) will be signed to pave the way for expanded cooperation between South Korean and Indian companies. Among key agreements will be a joint venture deal, worth nearly US$7.3 billion, to be signed by Korean steelmaker POSCO Holdings and India's JSW Group, under which the two will work to build an upstream steel facility in India.
In the energy sector, GS Engineering and Construction and Indian energy firm ARI Energy plan to sign an MOU for a 920 billion-won ($623.4 million) wind turbine repowering project in India. HD Korea Shipbuilding and Offshore Engineering is also set to sign an agreement with the Indian Institute of Technology Madras to cooperate on AI-based manufacturing technologies for smart shipyards.
Other MOUs will include a joint development agreement for three-wheeled electric vehicles between Hyundai Motor Company and TVS Motor Company, as well as a digital mapping services deal between Naver and Tata Consultancy Services.