In a series of meetings with South Korean and Cypriot stakeholders in Busan, the Union Minister for Ports, Shipping and Waterways sought to deepen investment, technology and financing partnerships for India’s maritime sector.
Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal intensified efforts to attract global investment, technology and financing into India’s maritime sector, holding a series of meetings with South Korean and Cypriot stakeholders in Busan as the country seeks to expand its shipbuilding, shipping and ship-recycling capabilities.
During the second day of his four-day visit to South Korea, Sonowal held discussions with maritime institutions, shipbuilders, shipping companies and policymakers on opportunities spanning shipbuilding investment, marine equipment manufacturing, maritime financing, port development, green technology and sustainable ship recycling.
“India’s shipbuilding landscape is on a fast growth trajectory backed by vision and policy initiatives of the Indian government,” Sonowal said.
South Korean manufacturers and Indian shipyards explored potential partnerships in liquefied petroleum gas (LPG) and liquefied natural gas (LNG) cargo tanks, cryogenic structures and large ship blocks. Sonowal also briefed South Korean maritime financiers on opportunities under the Maritime Development Fund (MDF) and Sagarmala Finance Corp. Ltd (SMFCL).
A leading South Korean shipping company expressed interest in vessel flagging in India, made-in-India containers and investment opportunities at the upcoming Vadhavan Port.
In a bilateral meeting with Marina Hadjimanolis, Cyprus’ Deputy Shipping Minister, Sonowal discussed cooperation in shipping, shipbuilding, maritime investment, seafarer welfare and maritime services. Hadjimanolis reaffirmed Cyprus’ support for India’s efforts to secure EU recognition for eligible Indian ship-recycling facilities.
She also indicated that around 25 leading Cypriot companies are expected to visit India in November to explore partnerships in shipping, ship management, maritime technology and related sectors.
“I look forward to working with you to translate our strategic partnership into concrete and mutually beneficial maritime outcomes,” Sonowal told Hadjimanolis.
Both sides welcomed the India-Cyprus strategic partnership and stressed the need to translate political engagement into commercial outcomes.
Building Maritime Capabilities
In a meeting with Kim Jin-jong, CEO of Sejin Heavy Industries, discussions focused on manufacturing partnerships in shipbuilding blocks, LPG and LNG cargo tanks, cryogenic structures and other specialised marine equipment. The Indian delegation highlighted opportunities emerging from planned shipbuilding clusters and the expansion of existing shipyards.
Cochin Shipyard Ltd (CSL) also explored opportunities for block fabrication partnerships with Sejin. Developing domestic capabilities in cryogenic systems and cargo tanks is expected to deepen India’s shipbuilding ecosystem and reduce dependence on imports.
“India’s growing maritime ecosystem offers immense opportunities for Korean expertise and Indian manufacturing capabilities to come together. A modern green fleet needs specialised capability, from cryogenic tanks to ship blocks,” Sonowal said.
During discussions with Yang Won-chang, President of Korea Marine Equipment Research Institute (KOMERI), the focus shifted to marine equipment manufacturing, research and development, testing, certification, green propulsion systems and smart maritime technologies.
The two sides explored cooperation between KOMERI and the proposed India Ship Technology Centre (ISTC), as well as opportunities for Korean marine equipment manufacturers to partner with Indian companies.
“We are developing the India Ship Technology Centre as a national platform for ship design, research, testing and training. Testing and certification at home, with Korean technical expertise, will help Indian-made marine equipment meet international standards and prepare our yards for green propulsion and smart ship technologies,” Sonowal said.
The minister also led discussions with a team from HMM, led by Senior Executive Vice President Jay Y Lee, on vessel flagging in India, recruiting Indian seafarers, using Hong Kong Convention-compliant ship-recycling facilities, and expanding shipping services to additional Indian ports.
Separately, talks with Ahn Byung-gil, CEO of Korea Ocean Business Corporation (KOBC), focused on investment opportunities in India’s port infrastructure and shipping sectors.
Backing India’s investment proposition, Sonowal highlighted the country’s shipbuilding support package of about $7.8 billion, the development of mega shipbuilding clusters and a visible order pipeline of more than 400 vessels worth an estimated $23 billion.