India and South Korea Collaborate to Enhance Global Shipbuilding Presence
India and South Korea are strengthening their partnership in the shipbuilding industry to boost their global market presence and counter China’s longstanding dominance. A high-level delegation from India’s Ministry of Ports, Shipping, and Waterways, led by Secretary T.K. Ramachandran, recently visited South Korea’s leading shipyards, including HD Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries. The visit aimed to explore technical collaborations and joint ventures to enhance India’s shipbuilding capabilities.
Currently, India holds less than 1% of the global shipbuilding market share. The Indian government has set ambitious goals to become one of the top 10 shipbuilding nations by 2030 and among the top five by 2047. To achieve this, India is seeking technology transfers and investments from established shipbuilding nations like South Korea and Japan. States such as Andhra Pradesh, Gujarat, and Odisha have expressed interest in establishing maritime clusters to support this initiative.
South Korea, recognized for its advanced shipbuilding technology and robust infrastructure, is facing a significant backlog of orders, with its shipyards booked until 2028. This scenario presents a mutual opportunity for collaboration, allowing India to enhance its shipbuilding capacity while assisting South Korea in meeting its order commitments.
China has led the global shipbuilding industry for 14 consecutive years, holding approximately 55.5% of the global order book. In contrast, South Korea and Japan together account for about 31.3% of global orders. By partnering with South Korea, India aims to increase its market share and contribute to a more balanced global shipbuilding landscape.
This collaboration is expected to facilitate technology transfers, skill development, and the establishment of new shipbuilding and repair facilities in India. Such developments would not only bolster India’s maritime capabilities but also generate employment and stimulate economic growth in the maritime sector.
