Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Saturday visited the shipbuilding facilities of Hanwha Ocean in Geoje, South Korea, as part of his three-day official visit aimed at strengthening maritime cooperation between the two countries.
The visit is part of India’s broader Maritime Amrit Kaal Vision 2047, which seeks to expand the nation’s commercial fleet, upgrade domestic shipbuilding capacity and improve global competitiveness in maritime sectors.
At the Hanwha Ocean shipyard, Puri reviewed the company’s vessel construction processes, technological capabilities and innovations in maritime engineering. He highlighted that India’s fast-growing economy and expanding energy sector create substantial opportunities for collaboration, noting that Indian energy public sector enterprises spend about USD 5-8 billion annually on freight and currently require nearly 59 vessels. This, he said, positions India as a significant market for global shipbuilders.
Puri underlined the complementarity between the two countries, stating that South Korea brings deep technological expertise in shipbuilding while India offers strong manpower, demand and supportive policy frameworks. He reiterated that partnerships under the Make in India initiative could help build vessels for both Indian and global markets, with cost recovery expected within five years.
The Minister also pointed to recent government measures designed to boost domestic shipbuilding – capital support of up to 25 percent for India-built vessels, incentives for ship recycling, a Marine Development Fund for equity financing, interest subvention schemes and support for new shipyards and maritime clusters.
Puri’s visit to Hanwha Ocean followed his meeting with the company’s CEO Kim Hee-Cheul in Seoul, where both sides discussed avenues for collaboration in vessel construction, maritime technologies and potential investments aligned with India’s shipbuilding goals.
As part of his engagements, the Minister also held discussions with leaders of major Korean shipping companies, including Korea Ocean Business Corporation, SK Shipping, H-Line Shipping and Pan Ocean. He emphasised that combining Korea’s shipbuilding leadership with India’s manufacturing strengths could pave the way for long-term strategic partnerships.
On Friday, Puri visited the HD Hyundai Heavy Industries shipyard in Ulsan, the world’s largest, and met company chairman Chung Ki-sun at Hyundai’s Global R&D Centre in Seongnam. Discussions focused on advanced ship design capabilities and smart shipyard technologies.
