The MoU aims to facilitate further cooperation and dialogue between the two organisations
Society of Indian Automobile Manufacturers (SIAM) signed a Memorandum of Understanding (MoU) with its Korean counterpart, Korea Automobile Manufacturers Association (KAMA) on the occasion of Organisation Internationale des Constructeurs d’Automobiles (OICA) general assembly meeting in Mumbai. The MoU insititutionalised the framework for a cooperative dialogue between the two organisations to support each other’s efforts in promoting a sustainable, affordable and efficient automobile industry.
This MoU was signed by Rajan Wadhera, President, SIAM and Jeong Marn-Ki, President & CEO, KAMA. Both organisations have been regularly interacting in various meetings including meeting of OICA and APEC Automotive Dialogue. OICA is an international trade association which comprises of thirty nine countries’ automotive industry trade associations.
Wadhera reportedly stated that Indian manufacturers, like Tata Group and Mahindra & Mahindra, have made significant investment in Korea’s auto industry till date. Since 2000, these companies have invested USD 3.8 billion in India across various sectors such as electronics, automobiles, metallurgy, earth movers, etc. Reflecting on the recent entry and successful product launch of Kia Motors. Wadhera opined that the success of these ventures is a reflection of the strong ties between both the countries and associations.
Leaders present at the signing of the MoU hoped that it would benefit both the organisations in facilitating further collaboration in areas of technology advancements, and research & development in the automotive sector.
The MoU ascertained that both the organisations will set up regular information exchange mechanism to maintain their cooperative dialogues and deliberate on issues on the subjects of their common interests.