'Shipbuilders from Japan, Korea keen to invest here'

In what could be a boost for India's nascent shipbuilding industry, companies from Japan and South Korea have expressed interest in investing in the sector, Union Minister of Ports, Shipping, and Waterways Sarbananda Sonowal has said.

- DHRUVAKSH SAHA

"This could involve direct investments, joint ventures, or technology sharing, or other forms of collaboration. Such international interest is a testament to the attractiveness of India's shipbuilding initiative and the potential benefits of global expertise and capital infusion into the sector,” Sonowal told Business Standard in an interview after the recently concluded Maritime State Development Council (MSDC) meeting.

On Friday, the ministry announced plans to build multiple shipbuilding clusters in collaboration with coastal states to meet its ambitious targets. Currently, India ranks 20th in global shipbuilding, with just a 0.06 per cent share of the market. In contrast, China, South Korea, and Japan dominate the industry, commanding 85 per cent of the global share, according to a recent shipping ministry presentation.

"The ministry has a clear vision for the phased development of shipbuilding clusters, with an expectation that 2-3 clusters will be developed and operational within the next 10 years, followed by an additional 1-2 clusters within the subsequent five years," Sonowal said.