On 20 April 2026 Prime Minister Narendra Modi and President Lee Jae Myung of the Republic of Korea (ROK) held talks and agreed to deepen partnership in shipbuilding, shipping and maritime logistics. They noted shared maritime traditions and complementary industrial strengths and said cooperation supports India’s Maritime Amrit Kaal 2047 Vision. The leaders underlined the sector’s strategic role for national security and prosperity.

The Indian side outlined incentives under the Shipbuilding Development Scheme and state and financial supports to attract large greenfield shipbuilding clusters. It invited HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (HD KSOE) and other Korean builders to act as technical and strategic anchors for design, production engineering and advanced manufacturing. Officials noted a non binding memorandum involving the identified developer and the Maritime Development Fund (MDF).

Participants took note of a memorandum among HD KSOE, the cluster developer and MDF for joint development and urged early implementation. Officials highlighted India’s public agency acquisition plan for more than 400 vessels valued at Rs 2.2 tn, about USD 25 bn, and supported cooperation to channel this demand into bilateral partnerships and local supply chains. They also backed modernisation of brownfield yards and construction of a Block Fabrication Facility.

The two sides welcomed the opening of a Korea Marine Equipment Association (KOMEA) branch in Mumbai and the interest of the Korea Marine Equipment Research Institute (KOMERI) in local collaboration. They agreed to boost institutional links, skills training and maritime education, encouraging Indian Maritime University (IMU) and Korea Maritime and Ocean University (KMOU) to finalise joint programmes. A project to be implemented by the Korea International Cooperation Agency (KOICA) with the Ministry of Ports, Shipping and Waterways (MoPSW) will support skill development. Leaders noted a PPP pipeline worth about USD 13.3 bn and expressed confidence the India ROK partnership will yield economic and strategic benefits.