India, South Korea Explore Shipbuilding, Maritime Investment Opportunities
Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal held a series of meetings with South Korean maritime industry representatives and Cyprus Shipping Deputy Minister Marina Hadjimanolis in Busan, South Korea, as India seeks to become a global hub for shipbuilding, shipping and maritime services by 2047.
During talks with Hadjimanolis, the two sides discussed shipbuilding, maritime investment, seafarer welfare and shipping services.
Around 25 leading Cypriot companies are expected to visit India in November to explore partnerships in shipping, ship management and maritime technology.
Sonowal met Sejin Heavy Industries CEO Kim Jin-jong to discuss potential manufacturing partnerships in shipbuilding blocks, LPG and LNG cargo tanks, cryogenic structures and specialised marine equipment.
Cochin Shipyard Ltd also explored the possibility of collaborating with the South Korean company on block fabrication.
In a meeting with Korea Marine Equipment Research Institute President Yang Won-chang, the Union minister discussed cooperation in marine equipment manufacturing, research, testing, certification, green propulsion and smart maritime technologies.
He invited the institute and Korean equipment manufacturers to explore collaboration with Indian companies and the proposed India Ship Technology Center.
The Indian delegation also held discussions with HMM representatives, led by Senior Executive Vice-President Jay Y. Lee, on registering vessels under the Indian flag, employing Indian seafarers, using Indian ship-recycling facilities compliant with the Hong Kong Convention and expanding shipping services to additional Indian ports.
Sonowal’s meeting with Korea Ocean Business Corporation CEO Ahn Byung-gil focused on investment opportunities in port infrastructure and shipping.
The Union minister also highlighted opportunities for Korean maritime financiers under India’s Maritime Development Fund and Sagarmala Finance Corporation.
India has approved a shipbuilding support package worth about USD 7.8 billion, with major shipbuilding clusters under development and a pipeline of more than 400 vessels valued at an estimated USD 23 billion.
Sonowal said India’s shipbuilding sector was on a growth trajectory, supported by government policies, and that international partnerships could strengthen domestic manufacturing capabilities and advance the country’s green shipping ambitions.
