India and South Korea Forge Stronger Ties in Shipbuilding Industry

ENA Global 2025-02-03 17:18:05 New Delhi, Feb 3 (KNN) Indias ambitious push to become a global shipbuilding powerhouse has started drawing international interest, with South Korea stepping up to collaborate. The Korea Marine Equipment Association (KOMEA), a leading industry body backed by Seouls Ministry of Industry, Trade, and Energy, has offered its expertise to Indian shipyards in design, construction, and technology transfer, multiple sources confirmed. KOMEA, which represents 304 shipbuilding and marine equipment companies, including industry giants HD Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries, has pledged support in several critical areas. These include modernising shipyard production facilities, developing joint educational programs, supplying marine equipment and spare parts, and facilitating the localisation of key components. Strong partnerships between South Korean firms and Indian shipyards could significantly boost the industrys development in both nations, a KOMEA official stated. With over four decades of experience, KOMEA and its members are poised to help India bridge the technology gap in shipbuilding. The collaboration comes in response to Indias Union Budget announcement of a Rs 25,000 crore Maritime Development Fund (MDF) and a revamped financial assistance policy for shipbuilders. Finance Minister Nirmala Sitharaman also unveiled plans for shipbuilding clusters, infrastructure upgrades, and tax exemptions to incentivize domestic production. Ahead of the budget, Indian officials and private shipbuilding representatives visited top shipyards in South Korea and Japan to explore potential collaborations. Hanwha Ocean, one of the worlds largest shipbuilders, has shown keen interest in partnering with Indian yards for investment and knowledge sharing. In January, a high-level Hanwha delegation visited major Indian shipyards, including Cochin Shipyard, Hindustan Shipyard, L&T Shipbuilding, and Pipavav. Currently holding less than 1 per cent of the global shipbuilding market, India has set ambitious goals—to enter the top 10 by 2030 and the top 5 by 2047. With over 50,000 new ships expected to be built in the coming decades, Indias shipbuilding revival, backed by South Koreas expertise, could reshape the industrys future. (KNN Bureau) 40929 https://knnindia.co.in/news/newsdetails/global/india-and-south-korea-forge-stronger-ties-in-shipbuilding-industry 2025-02-03 17:18:05 knnindia.co.in India and South Korea Forge Stronger Ties in Shipbuilding Industry