India Aims for 10% Global Shipbuilding Market Share Through Strategic Talks in South Korea

India is making a significant push to secure a 10% share of the global shipbuilding market, aiming to increase from just 1% over the next decade. To achieve this goal, a high-level team from the shipping ministry is set to travel to Seoul, South Korea, for negotiations with key stakeholders in the shipbuilding industry. South Korea currently stands as one of the largest shipbuilding nations globally, accounting for about a fifth of all ships built in terms of tonnage.

The focus of the upcoming strategic meetings will likely be on engaging major companies like Samsung, as India boasts ample land, skilled labor available at lower costs compared to South Korea, and advanced technology. Encouraging these companies to relocate their shipbuilding operations to India could result in the creation of a significant number of jobs. Shipbuilding clusters are gradually forming in locations like Paradeep, Visakhapatnam, and Gujarat, with Andhra Pradesh Chief Minister Chandrababu Naidu expressing particular interest in hosting these clusters in his state. Prime Minister’s Economic Advisory Council member Sanjeev Sanyal believes that if India can construct aircraft carriers and nuclear-powered submarines for its navy, building freighters and tankers should not pose a challenge.

The establishment of a supportive ecosystem is crucial for India to compete in the global shipbuilding market, and the Seoul project holds promise for unlocking opportunities in this sector. With the potential to build ships of superior quality, India is primed for growth in the shipbuilding industry. The focus on expanding market share aligns with the government’s broader economic goals, with significant implications for job creation and industrial development in the country.

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