Back-to-back meetings with HD Hyundai Heavy Industries, Hanwha Ocean, and major Korean shipping companies
India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri held a series of high-level consultations in South Korea on November 13–14 to strengthen cooperation in shipbuilding and maritime logistics, the Embassy of India in Seoul announced on November 17. The visit was part of follow-up measures to India’s Maritime Amrit Kaal Vision 2047, which aims to expand the nation’s commercial fleet, enhance shipbuilding capabilities, and bolster global maritime competitiveness.
During his visit to HD Hyundai Heavy Industries’ 1,680-acre shipyard in Ulsan, Minister Puri described the trip as “highly productive.” He stressed that India’s rapidly growing energy and shipping markets—supported by the government’s Make in India initiative and the country’s young demographic structure—would “open new opportunities for Korean shipbuilders in the global market.”
The Ulsan visit followed his meeting the previous day with Chung Ki-sun, President and CEO of HD Hyundai. The delegation was briefed on the company’s advanced ship design technologies and smart shipyard management systems, and discussed how these capabilities could support India’s strategies for expanding its shipbuilding sector and commercial fleet. HD Hyundai acknowledged India’s plan to increase its commercial fleet from the current 1,500 vessels to 2,500 under the Maritime Amrit Kaal Vision, backed by a total investment of 24 billion dollars, reaffirming its commitment to close cooperation.
Minister Puri noted that India imports 150 billion dollars’ worth of crude oil and natural gas annually, all of which is transported by sea, yet only about 20 percent of the volume is carried by Indian-flagged or Indian-owned vessels. He stressed the need for long-term partnerships, adding that “combining Korea’s advanced shipbuilding technologies with India’s manufacturing competitiveness can create a strong foundation for strategic cooperation.”
Later in Seoul, Minister Puri met with Kim Hee-cheol, CEO of Hanwha Ocean. He emphasized that petroleum and gas account for the largest share of cargo handled at Indian ports but continue to be transported largely on non-Indian vessels—something New Delhi intends to change by securing more strategic national shipping assets. He added that India’s state-owned enterprises are prepared to expand cooperation with Korea in LNG and crude oil carrier projects.