New Delhi [India], October 26 (ANI): Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal has invited South Korean marine equipment manufacturers and shipbuilders to invest in India's maritime sector, highlighting an estimated demand pipeline of over 400 vessels worth approximately USD 23 billion from government entities over the next 10 years, according to an official release on Monday.

During his visit to Busan, South Korea, Sonowal met representatives of the Korea Marine Equipment Association (KOMEA) and highlighted opportunities for Korean companies in shipbuilding, equipment manufacturing, technology transfer and joint ventures.

The Ministry of Ports, Shipping and Waterways said it has aggregated demand from government entities to provide Indian shipyards with visibility of orders for more than 400 vessels worth approximately USD 23 billion over the next decade.

Sonowal highlighted that India approved a shipbuilding package worth approximately USD 7.8 billion in September 2025. Following the scheme's approval, shipbuilding output rose 40 per cent year-on-year in 2025 and grew by more than 80 per cent in 2026.

The pipeline of vessels receiving direct government assistance now covers more than 120 ships worth over USD 1.27 billion, with export orders accounting for more than 80 per cent of the value.

'We are already building for the world,' Sonowal said.

Highlighting opportunities for Korean manufacturers, he said, 'Every ship built in India needs engines, propulsion, deck machinery, and electrical and navigation systems.'

He noted that much of this high-value equipment is currently imported, presenting opportunities for Korean suppliers to establish manufacturing operations in India.

KOMEA, which represents 304 equipment manufacturers, design firms, shipbuilders and repairers, including HD Hyundai, Hanwha Ocean and Samsung Heavy Industries, will open its first India office in Mumbai on October 30.

KOMEA Chairman Ho-il Kang said its members have begun preparations to enter the Indian market within the next two years.

Representatives from SB Sunbo, Daeyang, KASEMEC and JO Engineering also discussed possible investments in India's maritime sector.

Separately, addressing a high-level ministerial roundtable on World Maritime Day in Busan, Sonowal called for universal international shipping standards with implementation frameworks that recognise differences in national capabilities, technology and access to finance.

'The objective should therefore be common standards and outcomes, supported by cooperation that enables every Member State to implement them effectively,' he said.

The roundtable included International Maritime Organization Secretary-General Arsenio Dominguez and ministers from South Korea, Norway and Cyprus.

Sonowal described IMO conventions as an 'operational lighthouse' amid geopolitical instability, piracy and disruptions in the Red Sea, and advocated cooperation through joint working groups, training and technical assistance.

Highlighting India's maritime reforms, he said five maritime laws enacted in 2025 came into effect in March 2026, while India's Maritime Single Window now covers 69 ports and terminals.

He added that the Alang-Sosiya ship recycling yard has 115 facilities compliant with the Hong Kong Convention under the IMO framework. (ANI)