India Seeks Funding from Korea and Japan to Boost Shipping Supply Chain

India is looking for investments and technology transfers from South Korea and Japan in order to create shipbuilding and ship repair clusters to enhance the domestic shipping supply chain in the country. At present, India's share in the worldwide shipbuilding industry is less than 1%, with China, South Korea, and Japan being the major players.

"We are looking at South Korea and Japan for investments and technology transfer for establishing shipbuilding and ship repair clusters in India," TK Ramachandran, Secretary in Ministry of Ports, Shipping and Waterways (MoPSW), added.

Ramachandran visited Goa for the 20th Maritime State Development Council (MSDC), where they talked about a large shipbuilding park that would cover several states.

"We have communicated to them (South Korea and Japan) that you come with your technology and investments, we will provide you land for setting up shipbuilding and ship repair clusters," he said.

The Indian delegation has met with officials and organizations in South Korea to gauge their interest in investing in India for the establishment of shipbuilding and repair facilities at its planned mega shipbuilding parks, as stated by the secretary. A comparable activity is suggested for Japan to assess their desire for engaging in shipbuilding projects in India.

Ramachandran further mentioned that Sarbananda Sonowal, the Union Minister of Ports, Shipping, and Waterways, has sent letters to all state chief ministers requesting immediate land allocation in case Japanese or Korean companies show interest in establishing shipbuilding and ship repair clusters in their respective states.

"At least three states have expressed interest in providing land for establishing shipbuilding and ship repair clusters," he said, without naming the states.