Indian steelmaker 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.
According to an official press release issued on January 28, under the MoU 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, and for investments with Korean companies. The memorandum also seeks to establish a strategic alliance including exchange of information between the two parties.
The MoU was signed by SAIL director (finance) Soiles Bhattacharya and by KEIC chairman and president Ryu, Chang-Moo.