India and the Republic of Korea have signed a Memorandum of Understanding (MoU) for cooperation and mutual assistance in the development of ports.

The signing of the MoU is expected to help both countries encourage and facilitate the development of ports, port-related industry and maritime relationship, according to India's Ministry of Shipping.

The Ministry believes that the signing of the agreement will also enable both countries to share technology and experience in the above-mentioned fields, as well as to exchange information on construction, building, engineering and related aspects in port development.