Union Minister Sarbananda Sonowal led an Indian delegation to South Korea for talks on various aspects of the shipping sector, including shipbuilding investment and sustainable ship recycling. The discussions also covered partnerships with Cyprus' Shipping Deputy Minister.
On October 27, 2026, Union Minister of Ports, Shipping and Waterways (MoPSW), Sarbananda Sonowal, held a series of meetings in Busan, South Korea with South Korean maritime institutions, shipbuilders, shipping companies, and Cyprus’ Shipping Deputy Minister. The talks covered multiple aspects of the shipping sector, such as shipbuilding investment, marine equipment manufacturing, maritime financing, port development, shipping, green technology, and sustainable ship recycling.
Key takeaways from the day included Cypriot support for India's bid for EU recognition of eligible ship-recycling yards. Korean makers and Indian yards explored partnerships in LPG and LNG cargo tanks, cryogenic structures, and large ship blocks. Sonowal presented the opportunity of Maritime Development Fund (MDF) and Sagarmala Finance Corp. (SMFC) to Korean maritime financiers.
In a bilateral meeting with Cyprus' Shipping Deputy Minister, Marina Hadjimanolis, India reaffirmed its effort to win European Union (EU) recognition for eligible Indian ship-recycling facilities. The two ministers also discussed shipping, shipbuilding, maritime investment, seafarer welfare and maritime services. Hadjimanolis said about 25 leading Cypriot companies are expected to visit India in November to explore partnerships in shipping, ship management, maritime technology, and related sectors.
Sonowal, during his meeting with Jay Y. Lee, Senior Executive Vice President of HMM, discussed flagging HMM's vessels in India, recruiting Indian seafarers, utilizing Indian ship-recycling facilities compliant with the Hong Kong Convention (HKC), and expanding shipping services to additional Indian ports not currently covered by HMM’s network.
During discussions with Yang Won-chang, President of the Korea Marine Equipment Research Institute (KOMERI), Union Minister Sarbananda Sonowal explored collaboration in marine equipment manufacturing, research, development, testing, certification, green propulsion, and smart maritime technologies. The two sides also discussed institutional cooperation between KOMERI and the proposed India Ship Technology Center (ISTC).
Sonowal invited greater collaboration between Korean maritime financing institutions and Indian stakeholders. He highlighted that India has approved a shipbuilding support package of about $7.8 billion, mega shipbuilding clusters are under development, and a pipeline of more than 400 vessels is worth an estimated $23 billion.
'I look forward to working with you to translate our Strategic Partnership into concrete and mutually beneficial maritime outcomes,' Sarbananda Sonowal said.
Source:
Press Information Bureau
