India and South Korea have reached an agreement to significantly enhance their cooperation in shipbuilding, shipping, and maritime logistics, following discussions between Prime Minister Narendra Modi and South Korean President Lee Jae Myung. The talks emphasized joint industrial partnerships, infrastructure development, and skill enhancement to support India’s expanding maritime goals.
India outlined its ambitious plan to acquire over 400 vessels in the coming years, valued at approximately Rs 2.2 lakh crore (around USD 25 billion). Both nations agreed to leverage this demand for bilateral partnerships, fostering a sustainable and resilient shipbuilding ecosystem.
The countries stressed the importance of collaboration to upgrade Indian shipyards, including support for brownfield expansion projects and the establishment of advanced facilities such as block fabrication units and new dry docks for the construction of large and specialized vessels.
Acknowledging India’s policy and financial incentives for domestic manufacturing, both sides noted that this would create opportunities for Korean companies to expand into India, especially in shipbuilding components and ancillary industries. They welcomed the opening of a Mumbai branch of the Korea Marine Equipment Association and ongoing collaboration with the Korea Marine Equipment Research Institute.
In a significant move for skill development, India and Korea agreed to collaborate on training programs in the shipbuilding sector, led by the Korea International Cooperation Agency in partnership with India’s Ministry of Ports, Shipping and Waterways. This initiative is expected to enhance workforce capacity through development cooperation and public-private partnerships.
The agreement also encourages Korean shipowners to utilize India’s financial and regulatory platforms, including GIFT City, to register vessels in India, benefiting from flexible ownership norms and incentives. Officials highlighted that India’s growing pool of over 320,000 seafarers provides a robust workforce base for global maritime operations.
Both nations welcomed the signing of several memoranda of understanding, including cooperation on port development and infrastructure, which opens doors for Korean firms to engage in India’s port modernization efforts, estimated at USD 13.3 billion over the next five years, covering significant projects like the Vadhvan container port in Maharashtra and terminals in Odisha and Gujarat.
Additionally, companies from both countries have agreed to collaborate on the design and manufacture of next-generation maritime and port cranes in India, marking a significant advancement in industrial cooperation.
The two nations also encouraged deeper academic and research partnerships between institutions such as the Indian Maritime University and Korea Maritime and Ocean University, focusing on areas like green shipping, autonomous vessels, and port management.
Emphasizing cultural ties, both sides acknowledged their shared maritime heritage and welcomed collaboration on maritime history projects, including India’s forthcoming National Maritime Heritage Complex at Lothal in Gujarat.
