New Delhi: Further to the wide-ranging economic relationship between India and Korea, Steel Authority of India Limited (SAIL) signed a Memorandum of Understanding with Korea Export Insurance Corporation (KEIC). The MoU seeks to establish the framework of co-operation in supporting and encouraging trade and/or investment in the field of industries where SAIL is involved and related business for the development of such industries. The MoU was signed by Mr. Soiles Bhattacharya, Director (Finance)/SAIL and Mr. Ryu, Chang-Moo, Chairman & President/ KEIC).

KEIC, a Governmental agency of the Republic of Korea promotes Korean business entities’ exports, overseas investments and other overseas businesses through its diverse programmes including its insurances and guarantee products. Under the MoU, both the companies endeavour to promote co-operation in trade and /or investment credits provided by KEIC related to imports from Korean suppliers including for the IISCO Steel Plant project of a blast furnace and /or investments with Korean companies.

The MOU also seeks to establish a strategic alliance in exchange of information and experience with respect to related industries and collaboration between the two parties.