Indian Defense Minister Manohar Parrikar and his South Korean counterpart Han Min Koo inspect an honor guard during the welcome ceremony at the Defense Ministry. (Press Trust of India)
New Delhi:
Indian defence industry is likely to see $250 billion worth of business over the next decade, Defence Minister Manohar Parrikar said as he invited South Korean firms to make full use of 'Make-in-India' initiative.
Mr Parrikar, who addressed an India-Korea Defence Industry Forum in Seoul, outlined the policy changes being brought by Prime Minister Narendra Modi's government to facilitate investment in defence sector.
He said the time had come for South Korean defence firms to take advantage of the high brand value enjoyed by Korean-made products in India and to enter the defence market as partners for the long-term.
In the presentations, it was also noted that the ongoing internal process of further streamlining India's defence procurement policies would be completed in less than three months, an official statement said indicating that the new procurement policy will be delayed further.
Detailed presentations were made regarding business opportunities for South Korean defence firms by senior management of Indian defence firms including Goa Shipyards, Bharat Electronics, Mahindra Defence, L&T and Tata Power SED.
Mr Parrikar also met the top management of Hyundai Heavy Industries and invited them to become strategic partners for India's defence and commercial shipping sectors.
The Minister, who is in South Korea on an official visit, also took a tour of the country's ninth largest corporation, Hanwha.
In its 63-year history, this firm has become a Korean leader in ordnance, fuzes, precision guided systems, sensors and aerospace.
In the detailed site visit facilitated by Hanwha President Shim, Mr Parrikar invited Hanwha to participate in the Make-in-India programme, taking into account the enormous opportunities for mutually beneficial business, the statement said.
Mr Parrikar, who addressed an India-Korea Defence Industry Forum in Seoul, outlined the policy changes being brought by Prime Minister Narendra Modi's government to facilitate investment in defence sector.
He said the time had come for South Korean defence firms to take advantage of the high brand value enjoyed by Korean-made products in India and to enter the defence market as partners for the long-term.
In the presentations, it was also noted that the ongoing internal process of further streamlining India's defence procurement policies would be completed in less than three months, an official statement said indicating that the new procurement policy will be delayed further.
Detailed presentations were made regarding business opportunities for South Korean defence firms by senior management of Indian defence firms including Goa Shipyards, Bharat Electronics, Mahindra Defence, L&T and Tata Power SED.
Mr Parrikar also met the top management of Hyundai Heavy Industries and invited them to become strategic partners for India's defence and commercial shipping sectors.
The Minister, who is in South Korea on an official visit, also took a tour of the country's ninth largest corporation, Hanwha.
In its 63-year history, this firm has become a Korean leader in ordnance, fuzes, precision guided systems, sensors and aerospace.
In the detailed site visit facilitated by Hanwha President Shim, Mr Parrikar invited Hanwha to participate in the Make-in-India programme, taking into account the enormous opportunities for mutually beneficial business, the statement said.
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