Union Ports, Shipping and Waterways Minister Sarbananda Sonowal on Tuesday held talks with South Korean maritime companies and institutions in Busan to explore investment, manufacturing and technology partnerships, while securing Cyprus’ support for European Union (EU) recognition of eligible Indian ship-recycling facilities.
The engagements covered shipbuilding, specialised marine equipment, maritime financing, port infrastructure, shipping services and green technologies as India seeks to become a globally competitive maritime hub by 2047.
During a bilateral meeting, Cyprus’ Shipping Deputy Minister Marina Hadjimanolis reaffirmed support for India’s efforts to obtain EU recognition for eligible ship-recycling yards. The ministers also discussed shipbuilding, maritime investment, seafarer welfare and maritime services.
Hadjimanolis said around 25 leading Cypriot companies were 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 said.
In discussions with Sejin Heavy Industries CEO Kim Jin-jong, the Indian delegation explored manufacturing partnerships for large shipbuilding blocks, LPG and LNG cargo tanks, cryogenic structures and specialised marine equipment. Cryogenic structures help keep gases liquefied at very low temperatures.
Cochin Shipyard also explored possible cooperation with Sejin in block fabrication. The delegation highlighted opportunities arising from new shipbuilding clusters and the expansion of existing yards.
“India’s growing maritime ecosystem offers immense opportunities for Korean expertise and Indian manufacturing capabilities to come together,” Sonowal said, stressing the need to develop specialised domestic capabilities for green shipping.
The minister also met Korea Marine Equipment Research Institute (KOMERI) President Yang Won-chang to discuss marine equipment manufacturing, research, testing, certification, green propulsion and smart maritime technologies.
The two sides explored cooperation between KOMERI and the proposed India Ship Technology Center, which is being developed as a platform for ship design, research, testing and training. Sonowal invited Korean institutions and equipment manufacturers to visit India to identify areas for collaboration.
In a meeting with a team from shipping company HMM, led by Senior Executive Vice President Jay Y. Lee, discussions covered registering vessels under the Indian flag, recruiting Indian seafarers, using Indian ship-recycling facilities compliant with the Hong Kong Convention and extending services to additional Indian ports.
The company also expressed interest in investment opportunities involving Indian-made containers and the upcoming Vadhvan Port.
Separately, Sonowal met Korea Ocean Business Corporation CEO Ahn Byung-gil to explore investment and business opportunities in Indian port infrastructure and shipping.
He presented opportunities for cooperation through the Maritime Development Fund and Sagarmala Finance Corporation, inviting Korean maritime financing institutions to work with Indian stakeholders.
The Indian delegation highlighted an approved shipbuilding support package of about $7.8 billion, the development of mega shipbuilding clusters and a pipeline of more than 400 vessels valued at an estimated $23 billion.
(PIB)
