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India’s Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, has revealed that shipbuilders from Japan and South Korea are showing strong interest in investing in India’s growing maritime sector.
Sonowal, speaking at an industry event, highlighted that the government’s initiatives to promote domestic shipbuilding and maritime infrastructure have attracted top companies from Japan and South Korea. These countries, known for their advanced shipbuilding industries, are keen to collaborate with Indian firms and explore opportunities for setting up manufacturing facilities and technology partnerships.
The minister noted that the interest from these global shipbuilders aligns with India’s broader efforts to boost self-reliance in shipbuilding through the Aatmanirbhar Bharat initiative. By attracting foreign investments and expertise, India aims to enhance its shipbuilding capacity, reduce dependency on imports, and create a robust maritime manufacturing ecosystem. The collaboration is expected to bring in cutting-edge technology, technical know-how, and substantial financial investments to India’s shipbuilding sector.
The Indian government has been working on creating a conducive environment for foreign investments by offering incentives, improving infrastructure, and easing regulatory hurdles. These efforts are expected to further solidify India’s position as a favourable destination for global shipbuilders. Sonowal also emphasized that collaboration with Japanese and Korean firms would lead to job creation, technological advancements, and economic growth, especially in coastal states with significant shipbuilding activity.
The potential investments from Japan and South Korea are seen as a critical step toward India’s goal of becoming a global hub for shipbuilding, catering not only to domestic needs but also to international markets. As discussions progress, the partnerships could significantly accelerate India’s maritime growth and strengthen its presence in the global shipbuilding arena.