Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal visited Busan, South Korea, to speak at a World Maritime Day roundtable and meet with the Korea Marine Equipment Association (KOMEA). According to the Ministry, Mr. Sonowal called for ambitious international maritime standards paired with implementation that accounts for national differences in circumstances, technology, and finance.
During talks with KOMEA—which represents 304 equipment makers and shipbuilders—Mr. Sonowal invited Korean firms to participate in India’s maritime sector, pointing out that India imports much of its high-value marine equipment. He highlighted India’s shipbuilding growth, noting that a package approved in September 2025 helped raise shipbuilding output by 40% in 2025 and over 80% in 2026. KOMEA Chairman Ho-il Kang stated that members are preparing to enter the Indian market within the next two years.
KOMEA is scheduled to open its first India office in Mumbai on October 30. Mr. Sonowal noted that the Ministry has aggregated government demand to provide an order book visibility of over 400 vessels worth approximately $23 billion to Indian shipyards over the next decade.
What it means
- KOMEA will open its first India office in Mumbai on Oct. 30.
- KOMEA members have begun preparing to enter the Indian market within the next two years.
Source
Press Information Bureau, Government of India, “Sarbananda Sonowal Woos Korean Firms for India's Shipyards, Seeks Global Shipping Rules All Can Follow”. Read the original release.
Summary of an official release for general information only. Not investment advice. Read the original source before acting on any information.
Official RBI, SEBI, Government and Defence updates as they happen.
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