According to www.pmindia.gov.in, India and the Republic of Korea (ROK) formalized a Comprehensive Framework for Partnership in Shipbuilding, Shipping and Maritime Logistics on 20 April 2026 during ROK Prime Minister Lee Jae Myung’s state visit to India. The agreement anchors bilateral cooperation in maritime industrial development under India’s Maritime Amrit Kaal 2047 Vision and the ROK’s globally leading shipbuilding capabilities.
Major Financial and Procurement Commitments
The source states that India announced a 400+ vessels acquisition plan by public agencies alone, with a total value of Rs. 2.2 lakh crore (~USD 25 billion), first disclosed during India Maritime Week 2025. This demand is intended to be channeled into bilateral partnerships through an effective cooperation mechanism supported by both governments.
Greenfield and Brownfield Infrastructure Projects
The Indian side briefed the ROK on opportunities to establish large-scale greenfield shipbuilding clusters, backed by incentives under the Government of India’s Shipbuilding Development Scheme, state-level support, and financing from Indian financial institutions. A non-binding MOU was noted between HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (HD KSOE), an identified cluster developer and facilitator, and India’s Maritime Development Fund (MDF) for joint development, financing, implementation, and operation of a large greenfield shipyard in southern India.
In parallel, the two sides supported collaboration to upgrade existing Indian shipyards—including a Block Fabrication Facility being built in southern India to support a new dry dock for constructing large and specialized vessels—under India’s fiscal support for brownfield capacity expansion.
Component Manufacturing and Institutional Collaboration
The framework anticipates expanded business opportunities for Korean component suppliers, as India’s policy support for local shipbuilding is expected to generate additional demand for shipbuilding components and ancillaries. To this end, the source notes the opening of a branch of the Korea Marine Equipment Association (KOMEA) in Mumbai, and expresses interest from the Korea Marine Equipment Research Institute (KOMERI) in related cooperation.
Port Development and Terminal Operations
- An MOU was signed between India’s Ministry of Ports, Shipping and Waterways (MoPSW) and the ROK’s Ministry of Oceans and Fisheries for port infrastructure development and knowledge sharing.
- This opens access for Korean port developers and terminal operators to India’s public-private partnership (PPP) pipeline—valued at an estimated USD 13.3 billion over five years.
- Highlighted projects include the 23 million TEU Vadhvan container port (Maharashtra), the 150 MTPA multipurpose terminal in Bahuda (Odisha), and the 135 MTPA modern terminal of Deendayal Port (Gujarat).
Technology Transfer and Human Capital Development
The two sides welcomed an MOU among Bharat Earth Movers Limited (BEML), HD KSOE, and HD Hyundai Samho Co., Ltd. to jointly design, manufacture, and support next-generation conventional and autonomous maritime & port cranes in India.
A capacity-building initiative will be implemented by the Korea International Cooperation Agency (KOICA) in partnership with India’s MoPSW to deliver skill training in the shipbuilding sector. The source notes that India’s rapidly growing seafarer pool—around 320,000+, with strong growth in women seafarers—offers recruitment potential for Korean shipowners.
Additionally, ongoing discussions between Indian Maritime University (IMU) and Korea Maritime & Ocean University (KMOU) are encouraged to finalize a strategic partnership covering joint programs in naval architecture, marine engineering, and port management; collaborative R&D on green shipping technologies, autonomous vessels, and crane automation; and innovation hubs involving industry-linked projects and student-faculty exchanges.
Regulatory and Financial Enablers
The Indian side encouraged Korean shipowners to flag vessels in India using GIFT IFSCA and E-Samudra, citing relaxed ownership structures and available financial incentives. The framework also recalls the ancient maritime heritages of both nations, underscoring shared historical foundations for contemporary cooperation.
Source: www.pmindia.gov.in
Compiled from international media by the SCI.AI editorial team.
