India and South Korea Strengthen Maritime Cooperation with New Agreements
India invites South Korean ship-owners to flag vessels, invest in ports
Business Standard
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India has invited South Korean ship-owners to flag vessels and invest in its ports, enhancing maritime cooperation. Key agreements include the 'VOYAGES' pact for joint shipbuilding and a commitment to recruit from India's growing seafarer pool, amidst shifting geopolitical dynamics favoring South Korean shipbuilders.
- 01India invites South Korean ship-owners to flag vessels and invest in port infrastructure.
- 02The 'VOYAGES' agreement aims to enhance shipbuilding cooperation and reduce dependence on China.
- 03India's maritime sector plans to acquire over 400 vessels valued at ₹2.2 lakh crore (approximately $25 billion).
- 04The partnership includes skill development initiatives and the establishment of Korean offices in India.
- 05Both nations will enhance energy cooperation and maintain open trade in petroleum products.
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India has extended an invitation to South Korean ship-owners to flag their vessels and invest in various port projects, including the Vadhvan container port in Maharashtra and Deendayal Port in Gujarat. This initiative was highlighted during the visit of South Korean President Lee Jae Myung, who concluded a three-day trip to India aimed at strengthening bilateral ties. A significant outcome of the visit was the signing of the 'Shared Vision for Operation of Yard Assisted Growth with Efficiency and Scale' (VOYAGES) agreement, which facilitates collaboration in designing and manufacturing advanced maritime cranes, reducing India's over 90% reliance on China for such equipment. The partnership is timely, as geopolitical tensions have prompted Western shipping companies to diversify their orders towards South Korea. Additionally, India plans to acquire more than 400 vessels valued at ₹2.2 lakh crore (approximately $25 billion), creating opportunities for South Korean investment. The agreement also emphasizes recruiting from India's growing pool of seafarers, which exceeds 320,000, and includes commitments for skill development and energy cooperation between the two nations.
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The agreements are likely to create jobs in shipbuilding and maritime operations, while enhancing India's maritime capabilities and reducing reliance on foreign suppliers.
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