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)