OREANDA-NEWS. The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for signing of the Memorandum of Understanding (MoU) between India and the Republic of Korea on cooperation in the field of electric power development and new energy industries.

This MoU will provide an enabling framework for establishing contact between governmental entities and public authorities of both countries in the field of electric power development and new energy industries. It would also facilitate exchange of knowledge and experience aiming to create opportunities for investment in both countries.

The MoU is also expected to take forward development in the power sector for providing equitable access to reliable electricity supply to consumers through bilateral cooperation.

The focus of attention will be bilateral cooperation in the areas of electric power development, renewable energy, smart grids and power Information and Technology, transmission and distribution of electric power, energy efficiency and energy storage systems, etc. Measures in these areas will improve energy security and reliability of supply, improve energy access and facilitate sustainable economic growth.