Korea Marine Equipment Association to open India office coming Friday: Shipping
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The Korea Marine Equipment Association has announced its first office in Mumbai, facilitating collaboration with Indian shipyards. This partnership will focus on modernization, technology transfer, and local manufacturing of marine equipment. Union Ports, Shipping, and Waterways Minister Sarbananda Sonowal highlights the opportunity for Korean suppliers in India's growing maritime sector. The Indian government has approved significant investments, boosting shipbuilding output and vessel orders.
The Korea Marine Equipment Association (KOMEA) will open its first India office in Mumbai on Friday (October 30), an official statement said Monday. The association has offered to work with Indian yards on design, modernization, technology transfer, joint education programs and the local manufacture of marine equipment and spare parts."Every ship built in India needs engines, propulsion, deck machinery, and electrical and navigation systems," said Union Ports, Shipping, and Waterways Minister Sarbananda Sonowal, adding much of that high-value equipment is imported today - which is the opportunity for Korean suppliers.
The minister is currently on a four-day visit to South Korea.
KOMEA Chairman Ho-il Kang said members have begun preparing to enter the Indian market within the next two years. Founded in 1980, KOMEA represents 304 equipment makers, design firms, shipbuilders and repairers. Its members include HD Hyundai, Hanwha Ocean and Samsung Heavy Industries.
Its members including SB Sunbo, Daeyang, KASEMEC, and JO Engineering among others discussed their plans for possible investment in India’s maritime sector, the statement added.
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Addressing KOMEA, Sonowal said India approved a shipbuilding package worth about $7.8 billion in September 2025. “Since scheme approval, the shipbuilding output rose 40% in 2025 on a year on year basis. The output has further grown by more than 80% in 2026,” official estimates said.
Since the scheme approval, the pipeline of vessels receiving direct government assistance covers more than 120 ships worth over $1.27 billion, with export orders making up more than 80% of the value. "We are already building for the world," Sonowal said.
Further, demand from Government entities has also been aggregated by the Shipping Ministry to provide an order book visibility of more than 400 vessels worth about $23 billion to Indian Shipyards in the next 10 years.
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
