In Seoul, Minister of Petroleum and Natural Gas Hardeep Singh Puri highlighted how India’s young workforce and South Korea’s advanced shipbuilding expertise can create a powerful partnership. The visit aimed to spark new career and education links for Indian students while exploring deeper business ties.
Puri met a lively group of Indian professionals and students eager to study or work in Korea. “They shared their dreams and excitement about supporting India’s growth under Prime Minister Narendra Modi,” he posted on X. Their enthusiasm showed a shared vision for a prosperous future.
During the trip, the minister visited leading South Korean companies to discuss collaborative opportunities, especially in shipbuilding. He noted that Korean firms bring world‑class knowledge and capacity, while India offers high demand, skilled labor, and supportive policies. This mix aligns with India’s “Make in India” vision.
Puri toured Hanwha Ocean’s massive shipyard in Geoje, South Korea. “India is one of the fastest‑growing economies, and our energy needs create huge market potential,” he said. His energy state‑owned enterprises spend $5‑8 billion a year on freight and already need 59 vessels. He urged global majors like Hanwha Ocean to build these ships in India, promising quick cost recovery and positioning India as a global maritime hub.
The minister also highlighted India’s new incentives to boost shipbuilding: 15‑25 % capital support, a 5 % extra benefit for ship recycling, the Marine Development Fund for equity financing, a 3 % interest subsidy, and infrastructure aid for greenfield yards. These measures aim to strengthen LNG and crude carrier production, meeting India’s rising energy demands.
Earlier, Puri visited HD Hyundai Heavy Industries in Ulsan, the world’s largest shipyard covering 1,680 acres. He announced that about 20 % of all vessels arriving in India over the next 15 years could be built domestically, offering Korean manufacturers a prime “Make in India for the World” opportunity.
Overall, the minister’s Seoul talks underline fresh chances for Indian‑Korean cooperation in shipbuilding, energy, and technology—key pillars of India’s growth strategy and global trade ambitions.
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