The Society of Indian Automobile Manufacturers (SIAM) has signed a memorandum of understanding with its Korean counterpart, Korea Automobile Manufacturers Association(KAMA) during the OICA (an international trade association) general meeting in Mumbai. 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.

Rajan Wadhera, President, SIAM and Jeong Marn-Ki, President & CEO, KAMA signed the MoU, which institutionalised the framework for a cooperative dialogue between the two organisations to support each other’s efforts in promoting a sustainable, safe, clean, affordable and efficient automobile industry.

Highlighting their rich history of cooperation, Mr Rajan Wadhera said, “ties between India and South Korea can be traced back to when Hyundai Motors entered the Indian market in 1996. Indian manufacturers, like Tata Group and Mahindra & Mahindra, have made significant investment in Korea’s auto industry till date. Since the year 2000, these companies have invested $3.8 billion (Rs 27204 crore) in India across various sectors.” He further added that, “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 & development in the automotive sector.”

The Organisation Internationale des Constructeurs d'Automobiles (OICA) is an international trade association which comprises of thirty-nine countries’ automotive industry trade associations. Both SIAM and KAMA regularly interact at various meetings including meetings on this platform and the APEC Automotive Dialogue.

Commenting on the MoU, Jeong Marn-Ki, President & CEO, KAMA said, “I hope that today's MoU ceremony between our organizations works as a catalyst to strengthen our ties so we can enjoy mutual benefits, constantly increasing investment and trade between both countries.”