India has announced 400+ vessels acquisition plan
Prime Minister Narendra Modi and South Korean President Lee Jae Myung had productive and in-depth exchange of views on mutually beneficial cooperation between their government agencies and private entities for partnership in shipbuilding, shipping and maritime logistics, the Prime Minister’s Office said on 20 April.
Both sides agreed that India’s maritime ambitions under Maritime Amrit Kaal 2047 Vision have created considerable opportunities for long-term collaboration with the South Korea, a leader in shipbuilding and maritime capabilities. Cooperation in shipbuilding, port development and maritime logistics could channelize the India-South Korea Special Strategic Partnership towards practical benefits and economic value for both nations, while forging deeper understanding and partnership among their peoples.
The Indian side briefed the South side about opportunities to set up large-scale greenfield shipbuilding clusters in the country and the incentives available under the Government of India’s Shipbuilding Development Scheme as well as incentives provided by relevant state governments and Indian financial Institutions for the same. The Indian side invited leading shipbuilders from the ROK as technical and strategic anchors for these clusters through active involvement in design, production engineering, advanced manufacturing, quality and safety frameworks and operation.
To this end, both sides took positive note of the collaborations between Korean Industries and India, such as the conclusion of a non-binding MOU among the Korean shipbuilder HD Korea Shipbuilding & Offshore Engineering Co Ltd (HD KSOE), the identified cluster developer and facilitator, and the capital provider Maritime Development Fund (MDF) for joint development, financing, implementation, operation of a large greenfield shipyard in southern India. They hoped for early implementation of the project.
India has announced the 400+ vessels acquisition plan by the public agencies in India alone for the foreseeable future with a total value of Rs.2.2 lakh crore (US$25 billion) during the India Maritime Week 2025. Taking note of the Government of India’s production-based financial support to local manufacturing, the two sides supported the cooperation of relevant industries from India and the ROK to establish an effective cooperation mechanism to channel this demand into bilateral partnerships, enhancing sustainable and resilient shipbuilding industry.
In recognition of the financial assistance provided by the Government of India for shipyards undertaking brownfield capacity expansion, the two sides supported the collaboration between Indian and the ROK businesses to upgrade existing Indian shipyards, including on a Block Fabrication Facility being built in southern India to support a new dry dock to construct large and specialized vessels.
The two sides believe that the policy and fiscal support from the Government of India for Indian shipbuilding would generate additional demand for components used in shipbuilding and ancillary industries, providing specialized Korean shipbuilding component manufacturers an attractive market to expand their business through local production. To this end, they welcomed the opening of a branch of the Korea Marine Equipment Association (KOMEA) in Mumbai and the interest of Korea Marine Equipment Research Institute (KOMERI) for related cooperation. They also agreed to enhance cooperation among relevant institutions and enterprises of both countries to support the growth of Indian shipbuilding ecosystem.
The two sides agreed to cooperate on skill training in the shipbuilding sector in India through a project to be implemented by Korea International Cooperation Agency (KOICA) in partnership with the Ministry of Ports, Shipping and Waterways (MoPSW) of India. They noted that this project will contribute to capacity building needed for India’s shipbuilding goals through development cooperation and public-private partnership between the two countries.
Indian side also encouraged Korean shipowners to use India’s GIFT IFSCA and E-Samudra to flag vessels in India, in order to benefit from relaxed ownership structures and available financial incentives.
It was noted that India’s rapidly growing seafarer pool (around 320,000 + with a strong growth in women seafarers) allows Korean ship-owners to recruit manpower to support Korean-flag operations.
The two sides welcomed the signing of an MOU between MoPSW of India and the Ministry of Oceans and Fisheries in the ROK for cooperation for port development, which entails collaboration in infrastructure development, knowledge sharing, etc. This opens opportunities for Korean port developers and terminal operators to participate in India’s strong PPP mechanization pipeline amounting to an estimated US$13.3 billion in the next 5 years, including the 23 million TEU Vadhvan container port (Maharashtra), 150 MTPA multipurpose terminal in Bahuda (Odisha), 135 MTPA modern terminal of Deendayal Port (Gujarat), among others.
The two sides welcomed an MOU signed between Bharat Earth Movers Limited of India, HD Korea Shipbuilding and Offshore Engineering Co., Ltd (HD KSOE) and HD Hyundai Samho Co Ltd to jointly design, manufacture, and support next-generation conventional and autonomous maritime & port cranes in India.
The two sides took positive note of the ongoing discussions between Indian Maritime University (IMU) and Korea Maritime & Ocean University (KMOU) and encouraged them to finalize a strategic partnership in maritime education, research, and innovation with 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 for student exchanges, faculty collaborations, and industry-linked projects with involvement of Indian and the Korean businesses.
Prime Minister Modi and President Lee expressed satisfaction over the direction and content of the progress made in cooperation between India and the ROK in the fields of shipbuilding, shipping and ports. They expressed confidence that, in the coming years, the India-ROK partnership will deliver benefits for the two countries and the world at large.
Furthermore, India and South Korea have agreed to strengthen bilateral cooperation to address global sustainability challenges through practical collaboration in climate change, maritime and Arctic issues, said a Joint Statement on Cooperation in the field of Sustainability, issued during a visit by Lee Jae Myung, President of South Korea.
As environmentally responsible nations, the two sides reaffirmed their commitment to fulfill the 2030 Agenda for Sustainable Development with respect to environment in an integrated manner. To achieve this, the two sides decided to promote cooperation on environmental matters and climate change, including the sustainable management of natural re saidsources including land, air, water, biodiversity, and wastes.
Reaffirming their support for the rules-based international order and their commitment to the Paris Agreement, the two sides recognised the critical importance of enhancing climate action to address the unprecedented climate crisis that threatens sustainability of humanity and nature.
In this context, the two sides welcomed the conclusion of an MOC under Article 6.2 of the Paris Agreement, which establishes a cooperative approach for investment-driven mitigation projects, advances the achievement of their respective Nationally Determined Contributions, and further strengthens their strategic partnership in the area of climate action. The two sides will promote cooperation on climate change issues including carbon market, the Article 6.2 cooperative approach, renewable energy and low-carbon technologies.
Environmental Cooperation and Sustainable Development
As environmentally responsible nations, India and the ROK decided to pursue institutional cooperation through an MOU on Cooperation in the Field of Climate and the Environment. The Indian side welcomed the ROK joining as a member of International Solar Alliance (ISA). The ROK side welcomed India joining as a member of the Global Green Growth Institute (GGGI).
Oceans and Marine Sustainability
Recognising the importance of the oceans for economic development, ecological balance, and food security, the two sides agreed to expand cooperation in marine science, sustainable fisheries, coastal ecosystem protection, and marine pollution prevention.
The two sides will enhance collaboration in the blue economy and promote closer exchanges between scientific institutions and maritime agencies in both countries.
Arctic Research and Polar Cooperation
India and South Korea noted their growing engagement in Arctic research and scientific cooperation. The two sides recognised the Arctic as an important region for advancing understanding of climate change and agreed to expand cooperation in the Arctic, including Arctic science and Arctic shipping.
The two sides will promote closer collaboration between their respective Arctic research institutions and explore opportunities for joint research initiatives, scientific exchanges, and participation in international polar research programmes.
Way Forward
The two sides reaffirmed their commitment to advancing practical cooperation that contributes to sustainable development and climate action.
India and South Korea expressed confidence that the expanded cooperation outlined in this joint statement will contribute to the development of innovative and scalable solutions that can support sustainable development in the Indo-Pacific region and beyond.
Also, the Ministry of Micro, Small and Medium Enterprises signed a Memorandum of Understanding (MoU) with the Ministry of SMEs and Startups on April 20, 2026, to strengthen bilateral cooperation in the MSME sector.
Signed signed during a visit by Lee Jae Myung, President of Korea, the MoU establishes a structured framework for collaboration between the two Ministries, enabling sustained dialogue on key MSME-related issues and facilitating the exploration of mutually beneficial opportunities. It seeks to promote a deeper understanding of each other’s MSME ecosystems and enhance engagement between stakeholders.
The agreement aims to boost trade and investment by fostering cooperation through the exchange of information and experts, sharing of best practices, business matchmaking, and technical and economic collaboration. It also supports joint initiatives to strengthen linkages between MSMEs of both countries, the Ministry of Micro, Small and Medium Enterprises said on 21 April.
“This partnership marks a significant step towards deepening India–Korea economic cooperation and underscores the shared commitment to empowering MSMEs as key drivers of inclusive growth, innovation, and employment generation,” it added. fiinews.com
