India expands maritime partnerships with South Korea and Cyprus

India has stepped up efforts to strengthen its maritime sector through partnerships with South Korea and Cyprus, focusing on shipbuilding, green shipping technologies, maritime financing and sustainable ship recycling. Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal held a series of meetings with South Korean maritime companies and institutions, alongside a bilateral meeting with Cyprus’ Shipping Deputy Minister Marina Hadjimanolis, in Busan, South Korea.

The discussions aim to support India's ambition to become a globally competitive hub for shipbuilding, shipping and maritime services by 2047.

Cyprus backs India's ship-recycling ambitions
During his meeting with Hadjimanolis, Sonowal received Cyprus' support for India's efforts to secure European Union (EU) recognition for eligible Indian ship-recycling facilities. The discussions also covered shipping, shipbuilding, maritime investment, seafarer welfare and maritime services.

Around 25 leading Cypriot companies are expected to visit India in November to explore opportunities in shipping, ship management and maritime technology.

Both countries expressed their commitment to translating their strategic partnership into commercial opportunities.

India explores shipbuilding partnerships with South Korea
Sonowal met Kim Jin-jong, CEO of Sejin Heavy Industries, to explore manufacturing partnerships in large shipbuilding blocks, liquefied natural gas (LNG) and liquefied petroleum gas (LPG) cargo tanks, cryogenic structures and specialised marine equipment.

Cochin Shipyard Ltd (CSL) also explored the possibility of collaborating with Sejin Heavy Industries on ship-block fabrication. The proposed cooperation could strengthen India's domestic manufacturing capabilities and support the development of specialised infrastructure for green shipping.

Sonowal said India's growing maritime ecosystem offers opportunities to combine Korean technical expertise with Indian manufacturing capabilities.

Cooperation on marine technology and equipment
In a meeting with Yang Won-chang, President of the Korea Marine Equipment Research Institute (KOMERI), discussions focused on marine equipment manufacturing, research and development, testing, certification, green propulsion and smart maritime technologies.

The two sides explored potential institutional cooperation between KOMERI and the proposed India Ship Technology Center (ISTC). Sonowal invited KOMERI and Korean marine equipment manufacturers to visit India to identify areas for technical and industrial collaboration.

The proposed centre is expected to support ship design, research, testing and training, helping Indian-made marine equipment meet international standards.

HMM and KOBC explore Indian opportunities
The Indian delegation also held discussions with Jay Y. Lee, Senior Executive Vice President of HMM, on the possibility of registering vessels under the Indian flag, recruiting Indian seafarers, using Indian ship-recycling facilities compliant with the Hong Kong Convention (HKC), and expanding shipping services to additional Indian ports.

In a separate meeting with Ahn Byung-gil, CEO of Korea Ocean Business Corporation (KOBC), the discussions covered investment opportunities in India's maritime sector, particularly in port infrastructure and shipping.

Sonowal also presented opportunities for Korean maritime financiers through India's Maritime Development Fund (MDF) and Sagarmala Finance Corporation (SMFC).

India has approved a shipbuilding support package worth approximately $7.8 billion, while new shipbuilding clusters are under development. The country also has a pipeline of more than 400 vessels estimated to be worth $23 billion.

The meetings are expected to open new avenues for international cooperation, investment and technology transfer as India works towards its maritime ambitions for 2047.