The Korea Marine Equipment Association (KOMEA) has submitted a proposal for jointly modernising an Indian shipyard for the construction of small-sized vessels, in a move that tackles a major concern over India’s readiness in scaling up its shipbuilding prowess.
“KOMEA is keenly tracking the growth of the shipbuilding industry in India and the active collaboration between South Korea and India in this sector,” an official from the representative office of KOMEA (Russia and CIS) in St Petersburg wrote in an email to the Shipyards Association of India (SAI).
KOMEA would like to contribute to this growing partnership, the official said, adding that it was keen for a “joint project” for the modernisation of an Indian shipyard for the construction of small-sized vessels. KOMEA members possess extensive expertise in shipyard design and development, the official stated.
KOMEA, a non-profit entity operating under South Korea’s Ministry of Industry, Trade and Energy, has members including large shipbuilding enterprises such as HD Hyundai Heavy Industries Co Ltd, Hanwa Ocean Co Ltd (earlier known as Daewoo Shipbuilding and Marine Engineering Co Ltd) and Samsung Heavy Industries Co Ltd.
KOMEA was set up in 1980 to promote Korean marine equipment manufacturers, their products and services worldwide. It has 304 manufacturers of ship equipment, design companies, shipbuilding and ship repair enterprises as members.
KOMEA said it planned to expand operations into India through collaborations within the framework of the bilateral cooperation in shipbuilding.
Currently, the association has bases in eight countries, including China, Japan, Singapore, USA, Greece, Saudi Arabia, Brazil and Russia.
Lack of infrastructure (capable yards) is cited as one of the challenges facing India’s ambition to grow its shipbuilding industry.
India holds less than 1 per cent of the global shipbuilding market but aims to break into the top 10 ranking by 2030 and top 5 by 2047.
(source: ET Infra)