India Targets Global Maritime Hub Status By 2047 With South Korean & Cypriot Agreements

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India’s Union Minister held talks on shipbuilding, green technology, supply chains, and shipping in South Korea, as Cyprus backed India’s EU recognition for ship recycling.

India’s Union Minister of Ports, Shipping and Waterways (MoPSW), Sarbananda Sonowal, held meetings in Busan with maritime institutions, shipbuilders and shipping companies of South Korea, ANI reports. The meeting took place on October 27, along with a bilateral session with Cyprus’ shipping deputy minister, Marina Hadjimanolis, according to India’s shipping ministry, as reported by ANI.

According to the ministry, the meetings covered shipbuilding investment, marine equipment manufacturing, green technology, shipping, ship recycling, financing, and port development. The ministry said that the government aims to transform India into a hub of globally competitive shipbuilding, shipping, and maritime services by 2047.

India’s marine-related goals include building the supply chain, finance, technology, and markets. Sonowal said that India’s shipbuilding domain is growing rapidly under the vision and policy initiatives of India’s Prime Minister. Press Information Bureau reports four key developments from the day, namely recycling, green shipping, finance, and fleet and markets.

On the Korean side, Sonowal spoke with Kim Jin-jong, chief executive of Sejin Heavy Industries, about possible joint manufacturing of LPG and LNG cargo tanks, cryogenic structures and large ship blocks. Sonowal offered the opportunity of the Maritime Development Fund and Sagarmala Finance Corporation to Korean financiers.

Yang Won-chang, president of the Korea Marine Equipment Research Institute, discussed testing, certification, research, green propulsion and smart technology with Sonowal.

A team from the leading Korean shipping line, HMM, led by Senior Executive Vice President Jay Y. Lee, expressed a desire to explore investing in India-flagging, the forthcoming Vadhvan Port, and India-built containers.

Both countries proposed a partnership between KOMERI and the India Ship Technology Centre (ISTC). Sonowal extended an invitation to KOMERI and other Korean equipment makers to visit India to explore avenues for technical and industrial collaboration. Hadjimanolis said that around 25 leading Cypriot companies are set to visit India in November to explore the India-Cyprus partnership.

Sonowal explored investment opportunities with the Korea Ocean Business Corporation CEO, Ahn Byung-gil, in Indian port infrastructure and shipping.

The series of meetings paved the way for international maritime collaboration. According to the ministry, India has approved a package of roughly $7.8 billion in shipbuilding support, which was cleared in September 2025 and served as India’s policy anchor during the pitch to Korean shipbuilders.

Ministry confirmed the development of large shipbuilding clusters and an aggregated prospective demand pipeline of more than 400 vessels across Indian public-sector agencies and domestic requirements over a 10-year horizon. It is valued at about $23 billion.