Seoul: India's largest state-owned shipbuilder, Cochin Shipyard Limited (CSL), and HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the shipbuilding unit of South Korea's HD Hyundai, have signed a memorandum of understanding (MoU) to jointly expand their global footprint and increase India's shipbuilding capacity, according to The Korea Herald.
As per According to The Korea Herald's report, the strategic MoU entails long-term cooperation between the two firms in a number of areas, such as ship design assistance, equipment supply, technical collaboration, and workforce training.
Cochin Shipyard, based in Kerala and operating with a majority government stake, has launched 70 ships in the last five years. It is recognized for constructing and maintaining a diverse range of vessels, including merchant ships and aircraft carriers, the report stated.
According to The Korea Herald, the cooperation is expected to boost CSL's global competitiveness and productivity, as well as provide mutual opportunities to request ship orders in India and overseas.
According to an HD KSOE official speaking to The Korea Herald, this bilateral cooperation is a vital step to boost our influence in the fast growing Indian market and to assist domestic equipment suppliers in expanding abroad.
The collaboration aligns with India's ambitious maritime policies, which include the Maritime India Vision 2030 and the Amrit Kaal Vision 2047. Earlier this year, India unveiled a 250 billion rupee (USD 2. 92 billion) Maritime Development Fund aimed at improving port infrastructure, coastal shipping, and shipbuilding.
According to market research company Ken Research, India's shipbuilding industry has grown more than 12fold since 2022 and is expected to expand at a rate of more than 60% per year until 2033.
