A Memorandum of Understanding (MoU) was signed between Society of Indian Defence Manufacturers (SIDM) and Swedish Security and Defence Industry (SOFF) during the webinar on India-Sweden Defence Industry Cooperation.
- Objective – The MoU aims to boost the Bilateral Defence Industrial Relations between Indian & Sweden.
- The Webinar held on the Theme – ‘Capitalizing Opportunities for Growth’, it was organized by the Department of Defence Production, Ministry of Defence through SIDM and SOFF.
- Defence Minister Rajnath was the Chief Guest, while the Defence Minister of Sweden Peter Hultqvist was the Guest of Honour.
i.As part of the MoU, a dedicated Joint Working Group will be set up to take forward mutual objectives.
ii.During the webinar, Rajnath Singh also released the 1st edition of the ‘SIDM Members Directory 2020-21 – An 360º Overview of the Indian Defence and Aerospace Sector’.
- It captures the capabilities of 437 companies in the Defence and Aerospace sector, and facilitates ease of access to information on the Indian Industry.
- It also serves as a one-stop reference for the global defence community and contains the latest 108 item 2nd Positive Indigenisation List.
Key Points from Rajnath Singh’s address
i.He invited Swedish firms to invest in Defence Corridors in Uttar Pradesh and Tamil Nadu and stated that India and Sweden can collaborate in the shipbuilding industry for mutual benefit.
ii.India has a vast Defence Industrial Base with 41 Ordnance factories, 9 Defence Public Sector Undertakings (PSU) & expanding private sector supported by over 12, 000 Micro, Small and Medium Enterprises.
iii.The Defence Acquisition Procedure (DAP) 2020 has boosted domestic manufacturing and has provided a strong foundation for India to emerge as the defence manufacturing hub.
Recent Related News:
On March 5, 2021, a Virtual Summit was held between the Prime Minister (PMs) of India Narendra Modi & Prime Minister of the Kingdom of Sweden, Stefan Lofven.
About Society of Indian Defence Manufacturers (SIDM)
President – Jayant D Patil
Headquarters – New Delhi
About Swedish Security and Defence Industry (SOFF)
Secretary-General – Robert Limmergård
Headquarters – Stockholm, Sweden