India is stepping up efforts to strengthen its shipbuilding ecosystem and attract international investment, with discussions in South Korea and Cyprus covering shipbuilding, marine equipment manufacturing, maritime finance, port development and green maritime technologies. Around 25 leading Cypriot companies are expected to visit India in November to explore business partnerships across shipping, ship management, maritime technology and related sectors.
Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal held a series of meetings in Busan with South Korean maritime institutions, shipbuilders and shipping companies, as well as Cyprus’ Shipping Deputy Minister Marina Hadjimanolis, according to an official statement.
The discussions focused on building the investment, technology, financing and supply-chain capabilities required to support India’s shipbuilding ambitions, while expanding cooperation in sustainable ship recycling and next-generation maritime technologies.
Cyprus Backs India’s Ship-Recycling Recognition Bid
In his bilateral meeting with Hadjimanolis, Sonowal discussed cooperation in shipping, shipbuilding, maritime investment, seafarer welfare and maritime services. Cyprus reaffirmed its support for India’s efforts to secure European Union (EU) recognition for eligible Indian ship-recycling facilities.
Hadjimanolis said approximately 25 leading Cypriot companies are expected to visit India in November to explore partnerships in shipping, ship management, maritime technology and allied sectors.
Both sides welcomed the India-Cyprus strategic partnership and emphasised the need to translate bilateral relations into tangible commercial opportunities.
“I look forward to working with you to translate our Strategic Partnership into concrete and mutually beneficial maritime outcomes,” Sonowal said.
South Korean Firms Explore Shipbuilding and Equipment Manufacturing
Engagements with South Korean industry focused on potential manufacturing partnerships and technology collaboration to strengthen India’s domestic shipbuilding and marine equipment capabilities.
During his meeting with Kim Jin-jong, CEO of Sejin Heavy Industries, Sonowal discussed opportunities in large shipbuilding blocks, liquefied petroleum gas (LPG) and liquefied natural gas (LNG) cargo tanks, cryogenic structures and specialised marine equipment.
The Indian delegation highlighted investment opportunities arising from new shipbuilding clusters and the expansion of existing shipyards. Cochin Shipyard Ltd (CSL) also explored the possibility of collaborating with Sejin Heavy Industries on block fabrication, with the South Korean company expressing openness to evaluating the opportunity.
Developing domestic capabilities in cargo tanks, cryogenic structures and large shipbuilding blocks could strengthen India’s shipbuilding supply chain, reduce dependence on overseas manufacturing and expand the range of specialised vessels and components that Indian yards can support.
Collaboration on Marine Technology and Green Shipping
In a separate meeting with Yang Won-chang, President of the Korea Marine Equipment Research Institute (KOMERI), Sonowal discussed cooperation in marine equipment manufacturing, research and development, testing, certification, green propulsion and smart maritime technologies.
The discussions also highlighted India’s plans to establish the India Ship Technology Center as a national platform for ship design, research, testing and training.
“We are developing the India Ship Technology Center as a national platform for ship design, research, testing and training. Testing and certification at home, with Korean technical expertise, will help Indian-made marine equipment meet international standards and prepare our yards for green propulsion and smart ship technologies,” Sonowal said.
The proposed collaboration is expected to support the development of indigenous marine equipment, strengthen technical capabilities and help Indian manufacturers align their products with international standards as the global shipping industry transitions towards cleaner propulsion systems and smarter vessels.
Maritime Financing and Investment Opportunities
Sonowal also presented opportunities offered by the Maritime Development Fund (MDF) and Sagarmala Finance Corporation Ltd (SMFC) to South Korean maritime financiers, highlighting potential avenues for financing India’s maritime infrastructure and shipbuilding expansion.
The discussions also explored investment interest from a leading South Korean shipping line in Indian-flagged vessels, domestically manufactured containers and the upcoming Vadhvan Port project.
The proposed investment opportunities reflect India’s broader strategy to strengthen its maritime manufacturing base, expand its shipping fleet under the Indian flag and develop port infrastructure to support growing trade volumes.
Strengthening India’s Maritime Manufacturing Ecosystem
The meetings in Busan form part of India’s wider efforts to build international partnerships across shipbuilding, maritime finance, port development, marine equipment manufacturing and sustainable maritime operations.
Cooperation with South Korean shipbuilders and technology institutions, alongside closer commercial engagement with Cyprus, could help Indian companies gain access to specialised technologies, technical expertise and new business opportunities.
With shipbuilding clusters, expanded shipyard capacity and new maritime financing mechanisms emerging as key priorities, India is seeking to position itself as a competitive destination for maritime manufacturing and investment while strengthening its role in global shipping and logistics.