South Korean shipbuilding group HD Hyundai is building a strategic partnership with the Indian government.
HD Hyundai announced last week that its chairman, Chung Ki-sun met with a delegation headed by Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri at HD Hyundai’s R&D centre in Pangyo, Gyeonggi Province, to discuss ways widening their mutual cooperation.
In July, HD Hyundai signed a memorandum of understanding with India’s state-controlled Cochin Shipyard, signalling an intention to collaborate in the areas of ship design, procurement of ship parts and manpower productivity. On 11 November, both shipbuilding groups signed an agreement, enabling HD Hyundai to enter India’s naval vessel building market. India plans to build four 29,000-tonne landing platform docks, with the total cost estimated at around US$9 billion. HD Hyundai aims to use this project as a stepping stone to expand into India’s naval vessel market.
During the 13 November meeting, the Indian delegates listened to Mr Chung’s explanation of HD Hyundai’s ship design and construction capabilities and smart shipyard operation system, and sought to work together to improve the capabilities of the Indian shipbuilding industry.
The Indian delegates were promoting the ‘Maritime Amrit Kaal Vision 2047’, which is currently one the Indian government’s key tasks.
With the goal of becoming self-reliant and strengthening the competitiveness of the shipping, port, shipbuilding, and offshore plant industries as a whole, India plans to expand its merchant fleet from 1,500 vessels to 2,500 ships and become one of the world’s top five shipbuilding powers. To this end, the Indian government plans to invest about US$24 billion.
Mr Chung, a grandson of Hyundai chaebol founder Chung Ju-young, said: “HD Hyundai will be the best partner to help India’s shipbuilding industry develop and we will continue to demonstrate global leadership for the sustainable growth of the shipbuilding and offshore industries.” (PL)
