Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal held a series of bilateral meetings in Busan, South Korea, to advance India's maritime partnerships and shipbuilding ambitions. The discussions focused on securing EU recognition for Indian ship-recycling facilities, developing green shipping capabilities, and attracting foreign investment into India's maritime sector.
In a key development, Cyprus' Shipping Deputy Minister Marina Hadjimanolis reaffirmed her country's support for India's effort to win European Union recognition for eligible Indian ship-recycling facilities. This EU recognition is crucial for Indian yards to access European ship recycling markets. About 25 leading Cypriot companies are expected to visit India in November to explore partnerships in shipping, ship management, maritime technology and related sectors.
With Korean partners, substantial progress was made in green shipping technology. During meetings with Sejin Heavy Industries CEO Kim Jin-jong, discussions focused on potential manufacturing partnerships in large shipbuilding blocks, LPG and LNG cargo tanks, and cryogenic structures that keep gas liquefied at very low temperatures. Cochin Shipyard Ltd specifically explored block fabrication possibilities with Sejin. Building tanks and cryogenic capability in India would add depth to the nation's shipbuilding base and support green shipping initiatives.
Minister Sonowal presented significant financing opportunities to Korean maritime financiers, highlighting India's approved shipbuilding support package of approximately $7.8 billion and a pipeline of more than 400 vessels worth an estimated $23 billion. He invited greater collaboration between Korean maritime financing institutions like Korea Ocean Business Corporation (KOBC) and Indian stakeholders through mechanisms such as the Maritime Development Fund (MDF) and Sagarmala Finance Corp. (SMFC).
Leading Korean shipping line HMM, represented by Senior Executive Vice President Jay Y. Lee, expressed interest in multiple areas including flagging its vessels in India, recruiting Indian seafarers, utilizing Indian ship-recycling facilities compliant with the Hong Kong Convention, and expanding shipping services to additional Indian ports not currently covered by HMM's network. HMM also showed interest in investing in made-in-India containers and the upcoming Vadhvan Port.
Institutional collaboration was also advanced with Yang Won-chang, President of the Korea Marine Equipment Research Institute (KOMERI). The two sides explored cooperation in marine equipment manufacturing, research and development, testing, certification, green propulsion and smart maritime technologies. Specific discussions covered institutional cooperation between KOMERI and the proposed India Ship Technology Center (ISTC), alongside opportunities for Korean marine equipment makers to partner with Indian companies.
The meetings support India's goal of becoming a globally competitive shipbuilding, shipping and maritime services hub by 2047, with Minister Sonowal emphasizing that "India's growing maritime ecosystem offers immense opportunities for Korean expertise and Indian manufacturing capabilities to come together."