Sonowal in Busan: Cyprus Backs India's Ship Recycling Bid

Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal held a round of meetings in Busan, South Korea, with Korean maritime institutions, shipbuilders and shipping lines, and with the Shipping Deputy Minister of Cyprus. The talks covered shipbuilding investment, marine equipment manufacturing, maritime finance, port development, shipping, green technology and ship recycling. The government's stated aim is to make India a globally competitive hub for shipbuilding, shipping and maritime services by 2047.

Cyprus supports the recycling bid

In a bilateral meeting, Cyprus's Shipping Deputy Minister Marina Hadjimanolis repeated her country's support for India's effort to win European Union recognition for eligible Indian ship-recycling yards. Such recognition would let European owners send their old ships to Indian yards legally. The two ministers also discussed shipping, maritime investment, seafarer welfare and maritime services. Ms Hadjimanolis said about 25 leading Cypriot firms are expected in India in November to look at tie-ups in shipping, ship management and maritime technology, and both sides agreed to turn the India-Cyprus strategic partnership into commercial results.

Korean industry, green shipping and finance

• With Kim Jin-jong, CEO of Sejin Heavy Industries, talks covered large ship blocks, LPG and LNG cargo tanks and cryogenic structures, which keep gas liquefied at very low temperatures. Cochin Shipyard Limited also explored block fabrication with the firm.
• With Yang Won-chang, President of the Korea Marine Equipment Research Institute, the two sides discussed equipment manufacturing, research, testing, certification, green propulsion and smart ship technology, and cooperation with the proposed India Ship Technology Center.
• Shipping line HMM discussed flagging its vessels in India, hiring Indian seafarers, using Indian recycling yards that follow the Hong Kong Convention, and serving more Indian ports.
• The Korea Ocean Business Corporation discussed investment in port infrastructure and shipping, and Korean financiers were offered the Maritime Development Fund and Sagarmala Finance Corporation.

The numbers behind the pitch

Sonowal told the Korean side that India has cleared a shipbuilding support package of about 7.8 billion dollars, that mega shipbuilding clusters are being developed, and that a pipeline of more than 400 vessels worth an estimated 23 billion dollars is in sight. A leading Korean shipping line showed interest in flagging ships in India, in containers made in India and in the upcoming Vadhvan Port. Sonowal said India's maritime transformation offers room for stronger investment and innovation and for a lasting India-Korea partnership.