Auto industry body SIAM on Wednesday said it has signed a pact with Korea Automobile Manufacturers Association (KAMA) for cooperation and support in promoting a sustainable, safe, clean, affordable and efficient automobile industry.
An MoU to this effect was signed between Society of Indian Automobile Manufacturers (SIAM) and KAMA during an event in Mumbai, SIAM said in a statement.
The two organisations will set up regular information exchange mechanism to maintain their cooperative dialogues and deliberate on issues on the subjects of their common interests, it added.
Commenting on the partnership, SIAM President Rajan Wadhera said in context of the auto sector, ties between India and South Korea can be traced back to 1996, when Hyundai Motors entered the Indian market.
Indian manufacturers, like Tata Group and Mahindra & Mahindra, have made significant investment in Korea's auto industry till date, he added.
Wadhera further said Since 2000, these companies have invested USD 3.8 billion in India across various sectors such as electronics, automobiles, metallurgy, earth movers. Recently, Kia Motors has entered India.
"The success of these ventures is a reflection of the strong ties between both the countries and associations. We hope that this MoU will benefit both the organisations in facilitating further collaboration in areas of technology advancements, and research and development in the automotive sector," he said.
KAMA President & CEO Jeong Marn-Ki hoped that the MoU would work as a catalyst to strengthen the ties so that "we can enjoy mutual benefits, constantly increasing investment and trade between both the countries".
The MoU was signed on the occasion of Organisation Internationale des Constructeurs d'Automobiles (OICA) general assembly meeting in Mumbai.
OICA comprises 39 countries' automotive industry trade associations.