Lucknow (UP): Defence Minister Rajnath Singh on Thursday said that India and the US are moving towards a collaborative approach in the defence sector from the traditional 'buyer-seller' arrangement and asserted that this relationship could become the "biggest collaboration of this century".
Speaking at an event at the DefExpo-2020, Singh also referred to several key agreements signed during the "2+2 Dialogue" he had held with US Defence Secretary Mark Esper in December.
Read:| PM Modi inaugurates DefExpo 2020 in Lucknow
During the Dialogue, India and the US signed an industrial security agreement that will allow the transfer of defence technology.
"The Indo-US relationship will move towards collaboration approach from the traditional 'buyer-seller'. I am confident this relationship will be more dynamic and vibrant in the future," the defence minister said.
"The US is one of the largest defence exporters for India and the world. At the same time, the defence manufacturing sector in India is growing at a rapid pace. In such a situation, our collaboration can prove to be the biggest collaboration of this century," Singh said.
Read:| PM Modi targets $5 bn arms exports in 5 years
Assuring investors that the government is reforming the defence sector and would continue to do so, he urged them to take the maximum advantage of the reforms and invest in India.
He appreciated the US-India Business Council for its role in improving the bilateral trade ties.
Visiting the UP pavilion at the DefExpo, he said the investment opportunities would increase in the state with the establishment of a defence corridor.
The five-day expo was inaugurated by Prime Minister Narendra Modi on Wednesday. It is being attended by 38 defence ministers and top executives of 172 foreign defence majors and 856 Indian companies.
PTI report
