25 Cypriot Firms to Visit India in November as Sonowal Widens Maritime Partnerships in Busan

Union Ports and Shipping Minister Sarbananda Sonowal held a series of meetings in Busan, South Korea, with Korean shipbuilders, financiers and shipping firms and with Cyprus's Shipping Deputy Minister Marina Hadjimanolis, as India pushes to build the supply chain, finance and technology behind its shipbuilding ambitions, IANS and Maritime Gateway reported.

Awaaz Punjab Investigations Desk28 October 20263 min readRead in all 3 languages

New Delhi, Oct 28: About 25 leading companies from Cyprus are expected to visit India in November to explore partnerships in shipping, ship management, maritime technology and related sectors, according to an official statement reported by IANS. The visit was discussed during Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal's meetings in Busan, South Korea.

Source: IANS

In a bilateral meeting, Cyprus's Shipping Deputy Minister Marina Hadjimanolis reaffirmed her country's support for India's effort to win European Union (EU) recognition for eligible Indian ship-recycling facilities. The two sides also discussed shipping, shipbuilding, maritime investment, seafarer welfare and maritime services, and welcomed the India-Cyprus strategic partnership.

Source: Maritime Gateway

"I look forward to working with you to translate our Strategic Partnership into concrete and mutually beneficial maritime outcomes," Sonowal said, according to Maritime Gateway.

Korean talks: ship blocks, gas tanks and finance

With Korean partners, Sonowal met Sejin Heavy Industries CEO Kim Jin-jong to discuss manufacturing partnerships in large shipbuilding blocks, LPG and LNG cargo tanks, cryogenic structures and other specialised marine equipment. Cochin Shipyard Ltd also explored block fabrication with Sejin. With KOMERI president Yang Won-chang, the talks covered marine equipment manufacturing, research, testing, certification, green propulsion and smart maritime technologies, including cooperation between KOMERI and the proposed India Ship Technology Center.

Sonowal also met an HMM team led by Senior Executive Vice President Jay Y. Lee on flagging vessels in India, recruiting Indian seafarers, using Indian ship-recycling facilities compliant with the Hong Kong Convention, and expanding shipping services to more Indian ports. With Korea Ocean Business Corporation CEO Ahn Byung-gil, investment opportunities in port infrastructure and shipping were explored, and Sonowal presented the Maritime Development Fund (MDF) and Sagarmala Finance Corp. (SMFC) to Korean maritime financiers.

$7.8 billionIndia's approved shipbuilding support package — yaani about Rs 74,000 crore

$23 billionEstimated value of a pipeline of more than 400 vessels — yaani about Rs 2.2 lakh crore

25Cypriot companies expected to visit India in November

2047Target year for India to be a globally competitive maritime hub

The talks covered shipbuilding investment, marine equipment manufacturing, maritime financing, port development, shipping, green technology and sustainable ship recycling. The government aims to make India a globally competitive hub for shipbuilding, shipping and maritime services by 2047, with mega shipbuilding clusters under development. (Sources: IANS; Maritime Gateway)