Seoul: India is stepping up cooperation with South Korea and Cyprus to expand its shipbuilding capabilities, attract maritime investments and strengthen domestic manufacturing as part of its ambition to emerge as a global maritime hub by 2047.
Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal led an Indian delegation in Busan, South Korea, for discussions with shipbuilders, financial institutions, research organisations and shipping companies. Parallel talks were also held with Marina Hadjimanolis, Cyprus’s Deputy Minister of Shipping, focusing on maritime infrastructure, advanced marine equipment, green technologies and sustainable ship recycling.
A key outcome of the engagement with Cyprus was its support for India’s efforts to secure European Union certification for Indian ship-recycling facilities that meet the required environmental and safety standards. Around 25 Cypriot maritime companies are expected to visit India in November 2026 to explore partnerships in ship management, marine technology and related sectors.
Cooperation with South Korean shipbuilders
During discussions with Kim Jin-jong, CEO of Sejin Heavy Industries, the Indian delegation explored opportunities for joint manufacturing of large shipbuilding blocks, liquefied natural gas (LNG) and liquefied petroleum gas (LPG) cargo containers, and advanced cryogenic structures.
Cochin Shipyard Limited also examined the possibility of joint ventures with the South Korean company for ship-block fabrication. Such collaborations could help strengthen India’s domestic capacity to manufacture complex maritime components and construct advanced vessels.
Sonowal emphasised the potential of combining South Korea’s shipbuilding expertise with India’s expanding industrial base to develop a modern fleet, including vessels designed for cleaner and more efficient shipping.
The delegation also met Yang Won-chang, president of the Korea Marine Equipment Research Institute (KOMERI), to discuss joint research and development, equipment testing, certification and smart propulsion technologies. The possibility of establishing a working partnership between KOMERI and the proposed India Ship Technology Centre (ISTC) was also explored.
The proposed collaboration aims to strengthen India’s domestic testing and certification capabilities and help ensure that marine equipment manufactured in the country meets international standards.
Shipping, employment and investment opportunities
In a separate meeting with executives of South Korean shipping company HMM, discussions covered the possibility of registering HMM vessels under the Indian flag, expanding recruitment of Indian merchant navy personnel and increasing the company’s presence across Indian ports. The use of Indian ship-recycling facilities compliant with the Hong Kong International Convention was also discussed.
To explore financing for maritime infrastructure, Sonowal held talks with Ahn Byung-gil, CEO of the Korea Ocean Business Corporation (KOBC). Indian officials invited South Korean financial institutions to consider investments in ports and shipping logistics.
Investment opportunities highlighted during the discussions included the Maritime Development Fund, Sagarmala Finance Corporation and the proposed ₹76,220-crore Vadhvan Port project in Maharashtra.
The delegation also presented India’s maritime support package, valued at approximately $7.8 billion, as part of efforts to attract international investment and accelerate the development of domestic shipbuilding.
According to the information shared during the engagements, India is developing shipbuilding clusters to serve a pipeline of more than 400 vessels estimated to be worth $23 billion. The sector’s reported output growth and planned infrastructure expansion are expected to support the country’s broader maritime ambitions.
The discussions in Busan explored opportunities for technology transfer, industrial partnerships, maritime financing and environmentally sustainable operations. India aims to use such international collaborations to strengthen domestic manufacturing, develop specialised engineering capabilities and expand its role in global shipbuilding, shipping and marine services by 2047.
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