India Targets Shipbuilding Supremacy with Korean and Japanese Collaborations

India is seeking investments and technological partnerships from South Korea and Japan to establish shipbuilding and repair clusters. The aim is to elevate India's position in the global shipbuilding market, currently dominated by China, South Korea, and Japan. The Ministry of Ports, Shipping, and Waterways is spearheading this initiative.

India is actively courting investments and technology transfers from South Korea and Japan to set up shipbuilding and ship repair clusters, according to a senior government official.

The country currently holds a meager share of the global shipbuilding market, mainly dominated by China, South Korea, and Japan.

TK Ramachandran, Secretary in the Ministry of Ports, Shipping, and Waterways (MoPSW), addressed journalists, emphasizing India's strategy to attract South Korean and Japanese investments for new shipbuilding and repair clusters. Speaking at the 20th Maritime State Development Council (MSDC) in Goa, he outlined plans for a mega shipbuilding park spanning several states.

Union Minister Sarbananda Sonowal has also urged state governments to provide land if South Korean or Japanese firms show interest. Ramachandran revealed an Indian delegation has already gauged interest in South Korea and plans similar overtures in Japan.

Noting that India's current reliance on foreign-owned and flagged vessels costs the country USD 110 billion annually, Ramachandran highlighted the aim to replicate the 1980s automotive revolution sparked by Suzuki Motor Corp. The long-term vision, backed by the Rs 25,000 crore Maritime Development Fund (MDF), includes positioning India among the top 10 global shipbuilding hubs by 2030 and top 5 by 2047.

(With inputs from agencies.)