New Delhi. Steel Authority of India Limited (SAIL) today signed a Memorandum of Understanding with Korea Export Insurance Corporation (KEIC). The MoU seeks to establish the framework of co-operation in supporting and encouraging trade and/or investment in the field of industries where SAIL is involved and related business for the development of such industries. The MoU was signed by Mr. Soiles Bhattacharya, Director (Finance)/SAIL and Mr. Ryu Chang-Moo Chairman & President/ KEIC).

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. Under the MoU, both the companies will seek to promote co-operation in trade and /or investment credits provided by KEIC related to imports from Korean suppliers including imports for the IISCO Steel Plant project of a blast furnace and/or investments with Korean companies.

The MOU also seeks to establish a strategic alliance in exchange of information and experience with respect to related industries and collaboration between the two parties.