Seoul/New Delhi: HD Hyundai, South Korea’s leading shipbuilding conglomerate, said that its Chairman held discussions with Hardeep Singh Puri, India’s Petroleum and Natural Gas Minister, to explore ways of expanding cooperation across the shipbuilding and maritime sectors. The talks, held in Seoul, came as India scales up its vision to become a global shipbuilding power and strengthen technological capabilities in marine engineering.

Vision 2047 Maritime Push

The Indian delegation led by Minister Puri visited South Korea under the Maritime ‘Amrit Kaal Vision 2047’, a flagship initiative aimed at placing India among the world’s top five shipbuilding nations. The plan seeks to increase the number of commercial vessels from the present 1,500 to 2,500. To achieve this target, the Government of India plans to invest $24 billion, with an initial $8 billion already announced to support new vessel construction, according to Yonhap news agency.

HD Hyundai Chairman Chung Ki-sun said the company would be a trusted partner in advancing India’s shipbuilding capabilities. Minister Puri expressed confidence that regular exchanges would reinforce long-term cooperation. HD Hyundai’s agreement with Cochin Shipyard Ltd., signed in July, marked the first partnership between an Indian shipyard and a South Korean shipbuilder.

Prime Minister Narendra Modi recently underlined that maritime infrastructure has been central to India’s economic transformation over the last decade. Addressing the Global Maritime CEO Forum, the flagship event of India Maritime Week 2025, he urged global investors to seize opportunities in India’s expanding maritime sector. He highlighted key developments such as the operationalisation of Vizhinjam Port, India’s first deep-water international transhipment hub, and the launch of the nation’s first megawatt-scale indigenous green hydrogen facility at Kandla Port. More than 150 initiatives have been rolled out under the Maritime India Vision, catalysing improvements across ports, logistics, and maritime services.

Shipping Leaders Meet Puri

On the second day of engagements, Minister Puri met top executives from Korea Ocean Business Corporation, SK Shipping, H-Line Shipping, and Pan Ocean. He described the meeting as highly productive, noting that India’s crude and gas imports worth over $150 billion are entirely seaborne, illustrating the scale of India’s vessel requirements. The discussions centred on blending Korea’s advanced shipbuilding technologies with India’s manufacturing strengths and competitive production costs to create an efficient and mutually beneficial ecosystem.

Puri pointed out that the oil and gas sector constitutes nearly 28 per cent of India’s total trade by volume, yet only about 20 per cent of this cargo is carried on Indian-flagged or Indian-owned ships. With demand for crude oil, LNG, LPG, and ethane rising substantially, and ONGC alone projected to need nearly 100 offshore service and platform supply vessels by 2034, India sees significant scope for domestic shipbuilding supported by global expertise.