South Korea’s KOMEA offers to jointly modernise an Indian shipyard for building small sized ships
South Korea Proposes Indian Shipyard Modernization
The Korea Marine Equipment Association (KOMEA) has put forth a proposal to modernize an Indian shipyard, aiming to enhance the country’s capacity for constructing small-sized vessels. This initiative addresses significant concerns regarding India’s shipbuilding capabilities. KOMEA, which represents major South Korean shipbuilding firms, is eager to foster collaboration between the two nations in this vital sector.
KOMEA’s Commitment to Indian Shipbuilding
KOMEA has expressed a strong interest in the growth of India’s shipbuilding industry. An official from KOMEA’s representative office in St. Petersburg highlighted the association’s commitment to supporting India’s ambitions in this field. The proposal for a joint project focuses on modernizing an Indian shipyard specifically for the construction of smaller vessels. This collaboration aims to leverage KOMEA’s extensive expertise in shipyard design and development.
Founded in 1980, KOMEA operates under South Korea’s Ministry of Industry, Trade and Energy. The association includes prominent shipbuilding companies such as HD Hyundai Heavy Industries, Hanwa Ocean, and Samsung Heavy Industries. With a membership base of 304 manufacturers, KOMEA promotes Korean marine equipment and services globally. The association is now looking to expand its operations in India, aligning with the bilateral cooperation framework in shipbuilding.
Challenges and Future Goals for India’s Shipbuilding Industry
India currently holds a mere 1% share of the global shipbuilding market, but it has set ambitious goals to rank among the top 10 by 2030 and the top 5 by 2047. However, the country faces significant challenges, particularly a lack of infrastructure and capable shipyards. KOMEA’s proposal could play a crucial role in addressing these issues by enhancing the technological capabilities of Indian shipyards.
The association has established bases in eight countries, including China, Japan, and the USA, to facilitate international collaboration. By partnering with Indian shipyards, KOMEA aims to contribute to the modernization and growth of India’s shipbuilding sector, which is essential for meeting the increasing demand for maritime vessels. As both nations work together, the potential for a robust shipbuilding industry in India becomes increasingly promising.
