Busan Talks Boost India's Shipbuilding and Ship Recycling Push

New Delhi, October 28: Cyprus will send a delegation of around 25 leading companies to India in November as both countries look to deepen cooperation in the maritime and shipbuilding sectors. The firms will evaluate partnership prospects in shipping, ship management, maritime technology and related areas, an official statement said.

Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways, used his visit to Busan, South Korea, to hold several high-level meetings. He met South Korean maritime institutions, shipbuilding companies and Cyprus Deputy Minister of Shipping Marina Hadjimanolis. The goal was to reinforce supply chains, finance, technology and markets that support India's expanding shipbuilding plans.

The discussions ranged across shipbuilding investment, marine equipment manufacturing, maritime finance, port development, shipping, green technology and sustainable ship recycling. Cyprus backed India's efforts to get its ship recycling yards accredited by the European Union.

Talks between India and South Korea also addressed joint work on LPG and LNG cargo tanks, cryogenic structures and large ship blocks. Sonowal also presented opportunities under the Maritime Development Fund (MDF) and the Sagarmala Finance Corporation (SMFC) to South Korean maritime financial institutions.

The government said a major South Korean shipping company had shown interest in registering ships under the Indian flag, producing containers domestically and investing in the upcoming Vadhavan Port project.

During a bilateral meeting with Hadjimanolis, both sides reviewed shipping, shipbuilding, maritime investment, seafarer welfare and maritime services. She shared that 25 prominent Cypriot firms would come to India in November to consider potential business partnerships.

The two countries welcomed their strategic partnership and stressed the importance of converting it into commercial results. Sonowal said, "I am eager to work with you to turn our strategic partnership into maritime cooperation that is mutually beneficial."

At a meeting with Kim Jin-jong, CEO of Sejin Heavy Industries, the discussions centred on possible collaboration in manufacturing large ship blocks, LPG and LNG cargo tanks, cryogenic structures and other special marine equipment. The Indian delegation highlighted opportunities arising from new shipbuilding clusters and the expansion of existing shipyards. Separately, Cochin Shipyard Limited (CSL) explored block fabrication cooperation with Sejin.