Sonowal invites South Korean shipbuilders to invest in India’s $23 bn vessel demand pipeline

Union Minister of Ports, Shipping and Waterways  Mr Sarbananda Sonowal has formally invited South Korean shipbuilders and marine equipment manufacturers to establish operations and joint ventures in India, highlighting a $23 billion demand pipeline for over 400 domestic vessels over the next decade. Speaking during an official visit to Busan, Mr Sonowal engaged with the Korea Marine Equipment Association (KOMEA)—whose members include industry leaders like HD Hyundai, Hanwha Ocean and Samsung Heavy Industries—to pitch local manufacturing opportunities in engines, propulsion and navigation systems. The investment push follows India’s $7.8 billion shipbuilding incentive package, which helped drive a 40% surge in domestic shipbuilding output in 2025 and an 80% increase in 2026. 

To facilitate direct collaboration, KOMEA is scheduled to open its maiden Indian office in Mumbai under the bilateral VOYAGES framework. By pairing South Korean technical expertise with domestic shipyard expansion, India aims to reduce high-value marine component imports, upgrade shipyard productivity and establish itself as a competitive global hub for commercial ship construction, said a report.

Please visit our youtube channel https://www.youtube.com/@ikargosindia for fortnightly logistics news analysis and more!