Cabinet approves pact between India and South Korea on startup cooperation

The government Wednesday cleared an agreement on startup cooperation between India and South Korea signed in February, which will facilitate and promote collaboration between startups from both the nations.

The ex-post facto approval to the Memorandum of Understanding (MoU) was accorded at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi here.

"The MoU would facilitate and promote bilateral cooperation between the startups of both countries, subject to their national laws and regulations and any applicable international treaties, conventions and agreements to which the two countries are party," an official statement said.

Prime Minister Modi visited South Korea in February with an objective to strengthen India's strategic ties with the country.