ANI
14 Nov 2025, 15:10 GMT+10
New Delhi [India], November 14 (ANI): India and South Korea discussed on Friday how the combination of Korea's advanced shipbuilding technologies and India's manufacturing base and lower production costs can lead to a mutually beneficial partnership that serves both India's rising domestic needs and global markets for ships.
In a post on social media platform X, Union Petroleum and Natural Gas Minister Hardeep Singh Puri wrote that he held a productive meeting with the captains of Korea's major shipping companies today.
In the post he wrote, 'We also discussed how the combination of Korea's advanced shipbuilding technologies and India's manufacturing base and lower production costs will lead to a mutually beneficial partnership that can serve our rising domestic needs as well as global markets for ships.'
'Our crude and gas imports worth over USD 150 billion are seaborne, reflecting the scale of our energy and shipping vessel demand. The oil & gas sector alone accounts for nearly 28 per cent of India's total trade by volume, making it the single largest commodity group at our ports. Yet, only around 20 per cent of this cargo is carried on Indian-flagged or Indian-owned vessels. With India's demand for crude oil, LPG, LNG, and ethane rising rapidly, and ONGC alone projected to require nearly 100 offshore service and platform supply vessels by 2034, there is a strong impetus for us to build ships in India in partnership with global leaders,' the post added.
The minister met with An Byung Gil, CEO of Korea Ocean Business Corporation (KOBC), Kim Sung Ick, CEO of SK Shipping, Seo Myung Deuk, CEO of H-Line Shipping, and Sung Je Yong, Vice President of Pan Ocean.
'Discussed how energy and shipping are inseparable pillars of our rapidly growing economy under the leadership of PM,' Puri added.
India's shipbuilding landscape is poised for global recognition as the government unveiled Rs 69,725 crore shipbuilding and maritime reform schemes in September 2025.
Further, the Shipbuilding Financial Assistance Scheme, with an outlay of Rs 24,736 crore, provides financial support, ship-breaking credit notes, and steers domestic manufacturing through the National Shipbuilding Mission.
The government has also established the Maritime Development Fund with an outlay of Rs 25,000 crore, which focuses on investment and interest incentivization. The Shipbuilding Development Scheme provides capital support, risk coverage, and capacity-building for shipbuilding clusters, with an outlay of Rs 19,989 crores.
India's maritime sector has historically served as a vital link connecting the subcontinent to global trade routes, with centuries of seafaring and commerce shaping its economic foundation. India's shipbuilding tradition dates back to the Indus Valley Civilisation, with archaeological evidence from sites like Lothal (in present-day Gujarat) indicating the existence of dockyards and maritime trade. Lothal's dock is considered one of the world's earliest known tidal docks.
Shipbuilding, often termed the 'mother of heavy engineering', plays a central role by generating employment, attracting investment, and strengthening national security and strategic independence.
India's shipbuilding sector creates a strong economic impact; each investment boosts jobs 6.4 times and returns 1.8 times the capital, showing its power to drive growth and development.
This industry holds significant promise for creating large-scale employment opportunities in remote, coastal, and rural regions. Its development and promotion are being prioritised as a key driver in advancing the vision of an Atmanirbhar Bharat. (ANI)
Get a daily dose of International Technology news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to International Technology.
More InformationKriwet, who first traveled to China as an exchange student in 1982, has spent decades promoting the country's tourism and culture....
New Delhi [India], November 13 (ANI): Telangana Chief Minister Revanth Reddy's pitch for major investments in Telangana as part of...
New Delhi [India], November 13 (ANI): The Delhi High Court on Thursday issued notice to the Enforcement Directorate (ED) on beauty...
New Delhi [India], November 12 (ANI): Chief of the Army Staff (COAS) General Upendra Dwivedi on Wednesday called for the democratisation...
New Delhi [India], November 11 (ANI): Institutional investments in Mumbai's real estate market crossed USD 1.2 billion in the first...
SMPL Ahmedabad (Gujarat) [India], November 11: Infopercept, a global platform-led managed security services provider, today announced...
LONDON, U.K.: British broadcaster ITV said it is in negotiations with Sky, the pay-TV company owned by Comcast, over a possible sale...
New Delhi [India], November 14 (ANI): India and South Korea discussed on Friday how the combination of Korea's advanced shipbuilding...
West Champaran (Bihar) [India], November 14 (ANI): As vote counting progressed on Friday projecting a win for the Bharatiya Janata...
Ottawa [Canada], November 14 (ANI): Canada's government and private sector are being targeted by foreign adversaries, particularly...
Washington, DC [US], November 14 (ANI): The United States has named four European groups linked to Antifa as 'specially designated...
Patna (Bihar) [India], November 14 (ANI): Ahead of the Counting across 243 assembly constituencies in Bihar, Janata Dal (United) on...
