Steel Authority of India Limited (SAIL) has signed a memorandum of understanding (MoU) with Korea Export Insurance Corporation (KEIC), a South Korean state agency which promotes exports, overseas investments and other overseas businesses of South Korean enterprises.
The MoU, signed by Soiles Bhattacharya, director (finance), SAIL, and Ryu Chang-Moo, chairman and president, KEIC, will establish the framework of co-operation in supporting and encouraging trade and investment in the field of industries where SAIL is involved, and related business for the development of such industries.
According to an official press release, the two sides seek to promote cooperation in trade and investment credits provided by KEIC in relation to imports from South Korean suppliers, including for SAIL's IISCO Steel Plant blast furnace project in Burnpur, West Bengal.
The memorandum also seeks to establish a strategic alliance including exchange of information between the two parties.
KEIC, a government agency of the Republic of Korea, promotes Korean business entities' exports, overseas investments and other overseas businesses through its diverse programmes including its insurance and guarantee products.