Indian Petroleum Minister Hardeep Singh Puri stated during his Seoul visit that combining his nation's demographic advantages with South Korean technological expertise could benefit both countries. The minister toured Hanwha Ocean's shipbuilding facility in Geoje and met with Korean company executives to discuss potential collaboration opportunities, particularly in maritime vessel construction aligned with the Make in India program.
Puri emphasized that Indian energy public sector companies spend between 5 billion and 8 billion dollars annually on freight transport and require approximately 59 vessels initially. He noted that establishing partnerships with Korean manufacturers could position his country as a global maritime hub within five years while meeting domestic energy transportation needs. The government has introduced financial incentives, including capital support ranging from 15 to 25 percent for domestically built vessels, equity financing through a Marine Development Fund, and interest subsidies for new shipyard infrastructure.
Puri emphasized that Indian energy public sector companies spend between 5 billion and 8 billion dollars annually on freight transport and require approximately 59 vessels initially. He noted that establishing partnerships with Korean manufacturers could position his country as a global maritime hub within five years while meeting domestic energy transportation needs. The government has introduced financial incentives, including capital support ranging from 15 to 25 percent for domestically built vessels, equity financing through a Marine Development Fund, and interest subsidies for new shipyard infrastructure.
