25 Cypriot companies expected to visit India to explore maritime, shipping partnerships
About 25 leading companies from Cyprus are expected to visit India in November to explore partnerships in shipping, ship management, maritime technology and related sectors, according to an official statement.
Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, held a series of meetings in Busan, South Korea, with South Korean maritime institutions, shipbuilders and shipping companies, and with Cyprus’ Shipping Deputy Minister, as India works to build the supply chain, finance, technology and markets behind its shipbuilding ambitions.
The talks covered shipbuilding investment, marine equipment manufacturing, maritime financing, port development, shipping, green technology and sustainable ship recycling.
Cyprus backed India's bid for EU recognition of eligible ship-recycling yards. Korean makers and Indian yards explored partnerships in LPG and LNG cargo tanks, cryogenic structures and large ship blocks.
Sonowal presented the opportunity of the Maritime Development Fund (MDF) and Sagarmala Finance Corp. (SMFC) to Korean maritime financiers.
“Possibilities explored as leading Korean shipping line expressed interest to invest in India flagging, made in India containers and in the upcoming Vadhvan Port,” according to the statement.
In a bilateral meeting, Cyprus' Shipping Deputy Minister, Marina Hadjimanolis, reaffirmed her country's support for India's effort to win European Union (EU) recognition for eligible Indian ship-recycling facilities.
The two ministers also discussed shipping, shipbuilding, maritime investment, seafarer welfare, and maritime services. Hadjimanolis said about 25 leading Cypriot companies are expected to visit India in November to explore partnerships in shipping, ship management, maritime technology and related sectors.
Both sides welcomed the India-Cyprus strategic partnership and stressed turning it into commercial outcomes.
"I look forward to working with you to translate our Strategic Partnership into concrete and mutually beneficial maritime outcomes," Sonowal said.
In the meeting with Kim Jin-jong, CEO of Sejin Heavy Industries, discussions focused on potential manufacturing partnerships in large shipbuilding blocks, LPG and LNG cargo tanks, cryogenic structures, which keep gas liquefied at very low temperatures, and other specialised marine equipment.
The Indian delegation highlighted opportunities from new shipbuilding clusters and the expansion of existing yards.
Cochin Shipyard Ltd (CSL) also explored block fabrication with Sejin, as it expressed their openness to evaluate its possibility. Building tanks and cryogenic capability in India would add depth to the nation's shipbuilding base.
During the meeting with Yang Won-chang, President of the Korea Marine Equipment Research Institute (KOMERI), Sonowal discussed collaboration in marine equipment manufacturing, research and development, testing, certification, green propulsion and smart maritime technologies.
“We are developing the India Ship Technology Center as a national platform for ship design, research, testing and training. Testing and certification at home, with Korean technical expertise, will help Indian-made marine equipment meet international standards and prepare our yards for green propulsion and smart ship technologies,” Sonowal said.
