India and South Korea have agreed to deepen cooperation in shipbuilding, port development and maritime logistics, as both countries look to strengthen their positions in the global maritime industry.
The agreements were announced during a state visit by South Korean President Lee Jae-myung to India – the first such visit in eight years. Talks with Prime Minister Narendra Modi resulted in a broad framework covering more than 50 areas of cooperation, including energy, sustainability and industrial development.
At the core of the discussions is India’s ambition to become a major global shipbuilding hub. The country aims to enter the top 10 shipbuilders by 2030 and reach the top five by 2047, backed by state incentives, financing schemes and large-scale infrastructure projects.
Several concrete industry tie-ups are already underway. HD Korea Shipbuilding & Offshore Engineering is cooperating with Cochin Shipyard, while Samsung Heavy Industries has partnered with Swan Defence and Heavy Industries.
In parallel, Korean partners are exploring participation in the development of a new greenfield shipyard in southern India, as well as expansion of existing facilities. India is actively inviting Korean shipbuilders to act as “anchor partners,” contributing expertise in design, engineering and advanced manufacturing.
The Indian government is also supporting brownfield upgrades of existing yards and developing block fabrication capacity to support large vessel construction.
India’s long-term maritime strategy includes plans to acquire more than 400 vessels, backed by an estimated $25 billion in funding. This demand is expected to serve as a foundation for joint industrial projects with Korean partners.
Port infrastructure is another major focus. India has outlined investments of around $13.3 billion over the next five years, including major projects such as the Vadhvan container port and new terminals in Bahuda and Deendayal. Korean terminal operators and developers are being encouraged to participate.
At the same time, institutional cooperation is expanding. The Korea Marine Equipment Association is opening an office in Mumbai, while training initiatives and academic partnerships are being developed to support workforce growth in the sector.
The partnership reflects shifting dynamics in global shipbuilding. While China continues to dominate the sector, South Korea is seeking new markets and alliances, while India is positioning itself as an emerging manufacturing hub.
For both sides, the cooperation offers complementary strengths: India provides scale, workforce and demand, while South Korea brings advanced shipbuilding technology and industry expertise.
