India-Korea Maritime Cooperation Strengthens as HS Puri Visits HD Hyundai Heavy Industries Shipyard in Ulsan

The Minister’s tour of the 1,680-acre HD HHI shipyard was described as “highly productive,” emphasizing India’s intent to harness Korea’s leadership in advanced shipbuilding.

As part of a high-level diplomatic and industrial engagement in South Korea from November 13–14, 2025, Shri Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas, visited the HD Hyundai Heavy Industries (HD HHI) shipyard in Ulsan — the largest shipyard in the world. The visit marks a significant milestone in India’s ambition to become a global maritime powerhouse, in alignment with the Maritime Amrit Kaal Vision 2047, a national strategy aimed at enhancing shipbuilding capacity, expanding the commercial fleet, and improving global competitiveness in maritime industries.

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Strengthening Strategic Shipbuilding Cooperation

The Minister’s tour of the 1,680-acre HD HHI shipyard was described as “highly productive,” emphasizing India’s intent to harness Korea’s leadership in advanced shipbuilding. With India’s maritime and energy sectors growing rapidly, and buoyed by initiatives like Make in India, Shri Puri highlighted the untapped potential for Korean shipbuilders to "Make in India for the World."

India’s vast freight demand—worth USD 5–8 billion annually—and its PSUs' procurement plans for 59 ships (including crude, LNG, and ethane carriers) were identified as strong opportunities for Korean firms. Discussions also included the progress of an existing MoU with Cochin Shipyard, with concrete plans underway for a block fabrication facility to bolster domestic production.

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Technology Transfer and R&D Collaboration

On November 13, ahead of the Ulsan visit, Shri Puri met HD Hyundai Chairman Mr. Chung Ki-sun at the company’s Global R&D Centre in Seongnam, where Indian delegates were introduced to cutting-edge smart shipyard systems and design capabilities. The Minister and the Chairman explored how these technologies could accelerate India’s fleet expansion goals — from 1,500 to 2,500 vessels — backed by a projected USD 24 billion investment under the Maritime Amrit Kaal Vision, including USD 8 billion earmarked for fleet acquisition.

HD Hyundai reaffirmed its interest in supporting India’s shipbuilding modernization, recognizing the mutual benefits of combining Korea’s engineering strengths with India’s cost-competitive manufacturing base and skilled labor force.

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Engaging Korea’s Shipping Giants

Earlier on November 14, Shri Puri held a roundtable with top Korean shipping executives, including:

• Mr. An Byung Gil, CEO of Korea Ocean Business Corporation (KOBC)

• Mr. Kim Sung Ick, CEO of SK Shipping

• Mr. Seo Myung Deuk, CEO of H-Line Shipping

• Mr. Sung Je Yong, Vice President of Pan Ocean

The Minister highlighted that India’s growing energy economy — with USD 150 billion worth of seaborne crude and gas imports annually — requires a robust maritime logistics framework. He noted that only 20% of this cargo is currently handled by Indian-flagged or owned vessels, underlining the urgency to indigenize capacity and reduce reliance on foreign fleets.

India’s ONGC alone is expected to require 100 offshore and supply vessels by 2034, signaling robust long-term demand. By integrating Korean shipbuilding tech with Indian production capabilities, both sides agreed that a sustainable framework for long-term maritime industrial cooperation is within reach.

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Attracting Investments from Hanwa Ocean

Concluding the day’s engagements, Shri Puri also met Mr. Kim Hee-Cheul, President and CEO of Hanwa Ocean, in Seoul. He invited the company to explore the immense potential in India's sunrise shipbuilding sector. Reiterating India’s push to localize vessel manufacturing under Make in India, the Minister emphasized the strategic need to shift cargo movement from foreign to Indian carriers, particularly in sectors like oil and gas, which dominate port traffic.

Indian public sector undertakings are already readying partnership models with Korean companies to manufacture LNG and crude carriers domestically — which could lead to long-term, strategic asset creation in India's maritime domain.

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Maritime Amrit Kaal Vision 2047: A National Maritime Renaissance

These engagements reflect India's focused implementation of its Maritime Amrit Kaal Vision 2047, an overarching plan to:

• Expand India’s commercial shipping fleet by 66%

• Build world-class shipyards and fabrication centers

• Attract foreign partnerships to localize high-value maritime manufacturing

• Boost employment and capacity in coastal regions

• Position India as a global leader in maritime logistics, shipbuilding and offshore services

The bilateral momentum with South Korea — a global maritime powerhouse — is expected to catalyze India's journey towards becoming a net exporter of maritime assets and expertise.