THEBUSINESSBYTES BUREAU

NEW DELHI, OCTOBER 26, 2026

Union Minister Sarbananda Sonowal has invited South Korean marine equipment manufacturers to invest in India's expanding shipbuilding sector, while advocating a global maritime regulatory framework that combines universal standards with implementation tailored to countries' respective capabilities.

Addressing a high-level ministerial roundtable on World Maritime Day in Busan, South Korea, Sonowal also called for greater international cooperation to help developing nations implement maritime conventions effectively, arguing that common rules must be backed by practical support, technology and capacity-building.

Sonowal shared the platform with International Maritime Organisation (IMO) Secretary-General Arsenio Dominguez, South Korean Vice Minister of Oceans and Fisheries Nam Jaeheon, Norway's Minister of Fisheries and Ocean Policy Marianne Sivertsen Næss, and Cyprus' Deputy Shipping Minister Marina Hadjimanolis. Former South Korean minister Moon Seong-hyeok chaired the session.

"The objective should therefore be common standards and outcomes, supported by cooperation that enables every Member State to implement them effectively," Sonowal said, stressing the need to balance ambitious international regulations with differences in national circumstances, technological capabilities, development levels and access to finance.

Invoking the principle of common but differentiated responsibilities and respective capabilities, the minister said international maritime conventions should serve as an "operational lighthouse" amid geopolitical uncertainty, piracy and disruptions in the Red Sea that threaten seafarers, global trade and supply chains.

He advocated joint working groups to help countries strengthen implementation through technical training, assistance in drafting legislation and time-bound action plans. Such partnerships, he said, should build permanent national capabilities rather than create long-term dependence on external assistance.

Highlighting India's regulatory reforms, Sonowal said five maritime laws enacted in 2025 came into force in March 2026. India's Maritime Single Window now covers 69 ports and terminals, while the Alang-Sosiya ship recycling cluster has 115 facilities compliant with the Hong Kong Convention within the IMO framework.

The minister's outreach to the South Korean maritime industry underscored India's parallel ambition to emerge as a major global shipbuilding and marine equipment manufacturing hub.

During his interaction with the Korea Marine Equipment Association (KOMEA), which represents 304 equipment manufacturers, design firms, shipbuilders and repair companies, Sonowal invited Korean businesses to explore investments, joint ventures, technology transfers and local manufacturing opportunities in India.

KOMEA, established in 1980, counts major industry players such as HD Hyundai, Hanwha Ocean and Samsung Heavy Industries among its members.

The association is scheduled to open its first India office in Mumbai on October 30, a move welcomed by both governments under the VOYAGES framework for cooperation in shipbuilding, shipping and maritime logistics.

KOMEA had offered in February 2025 to collaborate with Indian shipyards on vessel design, modernisation, technology transfer, training programmes and domestic production of marine equipment and spare parts.

"Every ship built in India needs engines, propulsion, deck machinery, and electrical and navigation systems," Sonowal said, pointing to the scope for Korean manufacturers to establish a stronger presence in a market where much of this high-value equipment is currently imported.

KOMEA Chairman Ho-il Kang said member companies had begun preparations to enter the Indian market over the next two years. Representatives of companies, including SB Sunbo, Daeyang, KASEMEC and JO Engineering, also discussed potential investment opportunities in India's maritime sector.

Making the investment case, Sonowal highlighted the government's shipbuilding package worth approximately USD 7.8 billion, approved in September 2025, and the subsequent expansion in domestic shipbuilding activity.

Shipbuilding output increased 40 per cent year-on-year in 2025 following the scheme's approval and grew by more than 80 per cent in 2026, according to figures cited by the minister.

The pipeline of vessels eligible for direct government assistance has expanded to more than 120 ships valued at over USD 1.27 billion, with export orders accounting for more than 80 per cent of the total value.

"We are already building for the world," Sonowal said, signalling India's ambition to capture a larger share of the international shipbuilding market.

He also said the Ministry of Ports, Shipping and Waterways had consolidated demand from government entities to provide Indian shipyards with visibility of orders for more than 400 vessels worth approximately USD 23 billion over the next decade.

Sonowal described KOMEA's Mumbai office as a long-term platform for Korean companies seeking to establish operations in India, whether through joint ventures, licensing arrangements or their own manufacturing facilities. The ministry, he said, was ready to facilitate their entry and expansion.

The minister's four-day visit to South Korea continues, with further meetings and visits scheduled as India seeks to deepen maritime cooperation, attract foreign investment and strengthen its position in global shipbuilding and shipping supply chains.