As per reports, India is seeking investment and technology transfer from South Korea and Japan to establish shipbuilding and ship repair clusters. This is being done to promote the domestic shipping supply chain in the country.
Presently, India accounts for less than 1 per cent of the global shipbuilding market, dominated by China, South Korea, and Japan. India’s 95 per cent of foreign trade happens through foreign-owned and foreign-flagged vessels, which results in an outgo of $110 billion annually. Besides, almost 60 per cent of the country’s ship repair work happens outside the country.