Seoul [South Korea], July 7 (ANI): India's largest state-owned shipbuilder, Cochin Shipyard Limited (CSL), and HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the shipbuilding division of South Korea's HD Hyundai, have signed a memorandum of understanding (MoU) to jointly expand their global footprint and boost India's shipbuilding capacity, The Korea Herald reported.

As per The Korea herald's report, the strategic MoU outlines long-term cooperation between the two companies in multiple areas, including ship design support, equipment supply, technical collaboration, and workforce training.

Cochin Shipyard, which operates under a majority government stake and is located in Kerala, has delivered 70 ships in the past five years. It is known for building and maintaining a wide range of vessels, from merchant ships to aircraft carriers, the report added

The partnership is expected to enhance CSL's global competitiveness and productivity, while also creating joint opportunities for securing vessel orders both in India and abroad, The Korea Herald reported.

'This bilateral partnership is a critical move to strengthen our influence in the fast-growing Indian market and to support domestic equipment suppliers in expanding overseas,' an HD KSOE official told The Korea Herald.

The collaboration is in line with India's ambitious maritime policies, including the Maritime India Vision 2030 and Amrit Kaal Vision 2047. Earlier this year, India announced a 250 billion rupees (USD 2.92 billion) Maritime Development Fund aimed at boosting port infrastructure, coastal shipping, and shipbuilding.

According to market research firm Ken Research, India's shipbuilding market has expanded more than 12-fold since 2022 and is projected to grow at an annual rate of over 60 per cent through 2033. (ANI)