India is setting its sights on becoming a global shipbuilding powerhouse, and it’s looking to South Korea for a helping hand. Sarbananda Sonowal, India’s Minister of Ports, Shipping, and Waterways, has made it clear that South Korea is a critical ally in this ambitious journey. With the “Viksit Bharat 2047” initiative driving the nation’s economic development, India aims to be one of the world’s top five shipbuilding nations by 2047. To get there, it’s planning a massive $24 billion investment to expand its commercial fleet from 1,500 to 2,500 vessels by 2030.
Sonowal highlighted South Korea’s advanced shipbuilding technology and expertise in constructing high-quality ships as key to India’s aspirations. “South Korea’s strengths in precision engineering, particularly with liquefied natural gas (LNG), and efficient production systems can significantly aid India’s ascent in the global shipbuilding hierarchy,” he said. He also pointed to South Korea’s rapid economic transformation, driven by focused industrial policies, technology absorption, and a disciplined workforce, as a model for India’s 2047 objectives.
Already, India is collaborating with major South Korean shipbuilders like Hanwha Ocean and HD Hyundai. A significant milestone was reached in July with a partnership agreement between HD Hyundai and Cochin Shipyard Ltd., marking the first time South Korean firms have worked directly with Indian shipbuilders. These partnerships are expected to bring long-term benefits, including skill transfers, the establishment of new shipbuilding clusters, and the creation of a comprehensive supply chain ecosystem.
Sonowal envisions joint ventures between Indian and Korean companies leading to new shipyards in India, catering to both domestic and international demands. He emphasized the complementary advantages of India’s large shipbuilding market, skilled workforce, and cost competitiveness, alongside South Korea’s technological prowess. Additionally, India’s geographic location offers strategic advantages, positioning it as an attractive manufacturing hub for South Korean firms.
However, Sonowal acknowledged that foreign companies might face challenges in the Indian market, such as lengthy project cycles and the need for infrastructure development. To address these issues, the Indian government recently approved a substantial package worth around 697 billion rupees ($8 billion) aimed at revitalizing the shipbuilding and maritime sectors.
Beyond traditional shipbuilding, India seeks cooperation in areas like port digitalization, green shipping, maritime cybersecurity, technology partnerships, and skill development. Sonowal expressed hope that South Korea could be a strategic investor, helping India adopt innovative ship designs, automation processes, and global quality standards. This partnership aims not only to transform India’s shipbuilding capabilities but also to create synergies beneficial for both nations in an increasingly competitive global market.
As India charts its course to become a maritime powerhouse, the collaboration with South Korea could very well be the wind in its sails, driving innovation, efficiency, and growth in the shipbuilding industry.