India becomes land of opportunity for Korean shipbuilders

Korea's top three shipbuilders are accelerating efforts to expand their presence in India, seeking to benefit from the world's most populous country's plan to become a global maritime industry powerhouse. Samsung Heavy Industries recently signed a memorandum of understanding (MOU) with India's Swan Defence and Heavy Industries to collaborate on shipbuilding and offshore engineering. With Swan operating India's largest dry dock, which enables the construction of very large crude oil carriers and offshore engineering facilities, the Korean firm plans to work with the Indian company on ship design as well as engineering, procurement and management. "Combining technology with the market, this collaboration is the best partnership model for a win-win outcome for both companies," Samsung Heavy Industries Executive Vice President Namgoong Geum-sung said. "We will continue to look for new opportunities for future growth." In 2023, the Indian government launched the Maritime Amrit Kaal Vision 2047, a long-term blueprint to transform the country into a global maritime leader by 2047, the 100th ann