Sonowal Woos Korean Investors For India’s Shipbuilding Sector
At a maritime roundtable in South Korea, the Union Minister calls for practical global shipping rules and highlights India’s growing shipbuilding market and investment opportunities.
- Sonowal invites Korean firms to invest in shipbuilding
- India calls for practical global maritime standards
- KOMEA to open first Indian office in Mumbai
- Government demand covers over 400 vessels
GG News Bureau
Busan, 26th Oct: Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal has invited South Korean marine equipment manufacturers to invest in India’s shipbuilding sector while advocating international maritime standards that all countries can implement effectively.
Speaking at a high-level ministerial roundtable on World Maritime Day in Busan, Sonowal joined International Maritime Organization (IMO) Secretary-General Arsenio Dominguez and senior maritime representatives from South Korea, Norway and Cyprus to discuss global shipping regulations and cooperation.
Sonowal said international standards should remain universal and ambitious, while their implementation should account for differences in national circumstances, technological capabilities, development levels and access to finance.
“The objective should therefore be common standards and outcomes, supported by cooperation that enables every Member State to implement them effectively,” he said.
Sonowal Calls For Practical Global Shipping Rules
The minister described IMO conventions as an “operational lighthouse” for shipping amid geopolitical instability, piracy and disruptions in the Red Sea. He said these conventions help protect seafarers, trade and global supply chains.
To help countries implement international maritime rules, Sonowal proposed practical partnerships, including joint working groups, training for surveyors and inspectors, assistance in drafting legislation and time-bound implementation plans.
He said the aim should be to develop lasting national capabilities rather than create continued dependence on external assistance.
Sonowal also highlighted India’s maritime reforms. He said five maritime laws enacted in 2025 came into effect in March 2026, the Maritime Single Window covers 69 ports and terminals, and the Alang-Sosiya ship recycling yard has 115 facilities compliant with the Hong Kong Convention.
Korean Firms Invited To Explore Indian Market
During his meeting with the Korea Marine Equipment Association (KOMEA), Sonowal presented India’s shipbuilding growth prospects and invited Korean companies to explore investment, technology transfer and manufacturing opportunities.
Founded in 1980, KOMEA represents 304 marine equipment manufacturers, design firms, shipbuilders and repair companies. Its members include HD Hyundai, Hanwha Ocean and Samsung Heavy Industries.
The association is scheduled to open its first Indian office in Mumbai on October 30. The move is part of the broader India–South Korea maritime cooperation framework, VOYAGES, which covers shipbuilding, shipping and maritime logistics.
Sonowal said Indian shipyards offer opportunities for Korean suppliers of engines, propulsion systems, deck machinery, electrical equipment and navigation systems, many of which are currently imported.
KOMEA Chairman Ho-il Kang said members had begun preparing to enter the Indian market within the next two years. Representatives from companies including SB Sunbo, Daeyang, KASEMEC and JO Engineering discussed possible investments in India’s maritime sector.
India Highlights Shipbuilding Growth
Sonowal said India approved a shipbuilding package worth approximately $7.8 billion in September 2025. According to figures shared by the minister, shipbuilding output rose 40 per cent year-on-year in 2025 following the scheme’s approval and grew by more than 80 per cent in 2026.
He added that more than 120 vessels worth over $1.27 billion were covered by the pipeline of ships receiving direct government assistance, with export orders accounting for more than 80 per cent of the value.
The minister also said demand from government entities had been consolidated to provide Indian shipyards with order-book visibility for more than 400 vessels worth approximately $23 billion over the next decade.
Sonowal described KOMEA’s upcoming Mumbai office as a long-term platform for Korean companies to explore joint ventures, licensing arrangements and manufacturing facilities in India. He said his ministry was ready to assist companies seeking to establish operations.
