South Korea’s KOMEA Pledges Support to Boost India’s Shipbuilding Industry
India’s shipbuilding ambitions are getting a significant boost with the pledge of support from South Korea’s Korea Marine Equipment Association (KOMEA). KOMEA, a non-profit body operating under South Korea’s Ministry of Industry, Trade and Energy, represents some of the country’s biggest shipbuilding giants, including HD Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries. The association has now committed to fostering collaboration with Indian shipyards to aid in the design and construction of high-tech vessels, modernising local production facilities, and transferring cutting-edge technology to enhance manufacturing processes.
For India, which holds less than 1% of the global shipbuilding market, this collaboration is a promising step towards its goal of becoming a global leader in shipbuilding by 2030. KOMEA’s involvement marks a significant opportunity for Indian shipyards to tap into decades of expertise accumulated by South Korea’s world-leading shipbuilding industry. The pledge includes sending qualified specialists to India for on-site training, developing joint educational programmes, and assisting with the modernisation of production facilities. Furthermore, KOMEA will help local shipyards with the supply of a full range of industrial equipment and provide technology transfer that could significantly improve the efficiency and quality of production. As part of its commitment, KOMEA also plans to help Indian yards localise the production of marine equipment and spare parts, which could be a game-changer for India’s shipbuilding supply chain.
KOMEA’s expanding global presence, with bases in eight countries including China, Japan, Singapore, the USA, and Greece, demonstrates its capability to build international partnerships. The association sees India as a key partner, and its efforts to develop trusted relationships between South Korean entities and Indian shipyards are poised to elevate the Indian shipbuilding industry to new heights. “The experience and knowledge accumulated over 44 years allow KOMEA and its members to solve almost any task in the shipbuilding industry efficiently and in a short time,” said a KOMEA official. This expertise, when combined with India’s burgeoning maritime sector, could create a dynamic partnership that drives forward India’s aspirations to become a major shipbuilding hub.
Indian officials are eager to harness this support. Recently, high-level delegations from the Ministry of Ports, Shipping and Waterways visited South Korea and Japan to explore collaborations with leading shipbuilding players. The visit, which included representatives from companies such as Hanwha Ocean, highlighted the growing demand for shipbuilding capacity, as a shortage of available slots in South Korea, coupled with rising global demand, forces South Korean companies to look for alternatives. India’s shipyards could be the ideal destination to offload some of these orders, especially with an ever-increasing push towards greener, more sustainable ships. India’s ambition to break into the top 10 global shipbuilding rankings by 2030 and the top five by 2047 is now within sight. The collaboration with KOMEA, combined with strategic infrastructure investments, provides a robust foundation for this transformation. Additionally, the global demand for more than 50,000 ships over the next 30 years, driven by the shipping industry’s pivot to green technology and emissions reduction, presents another exciting opportunity for India to seize.
The future of India’s shipbuilding industry looks promising, with both government initiatives and global partnerships working in tandem to fuel its growth. As KOMEA brings its wealth of knowledge and resources to Indian shipyards, the nation’s maritime sector is poised for a technological and economic renaissance. This collaboration could also open the door for India to capture a significant share of the green shipbuilding market, positioning it as a competitive player on the world stage. In the coming years, the strategic collaborations, technology transfer, and infrastructure development are expected to catapult India into the global shipbuilding spotlight. By focusing on modernisation, skill development, and high-tech vessel production, India’s shipyards could soon become an integral part of the global supply chain, contributing to the green revolution in the maritime sector.
