- India updates maritime rules to boost shipbuilding and foreign collaboration.
- Mitsui O.S.K. is keen on partnering with Indian shipyards for tanker construction.
- Govt allocates ₹250B fund to strengthen shipbuilding, repair industry growth.
Mitsui O.S.K. Lines, Japan's second-largest shipping firm, aims to collaborate with Indian businesses to construct tankers in India, supporting the South Asian country's initiative to enhance domestic production, stated its CEO, Takeshi Hashimoto.
New Delhi is updating its maritime regulations to permit foreign involvement in the industry, including ship-building, ports, and shipyards, aiming to cut freight expenses to foreign companies by at least one-third by 2047.
"The Indian government has a strong preference to see the new vessels constructed in India. If possible, we want to be involved in the project," Hashimoto told reporters at the APPEC conference in Singapore on Tuesday.
India's shipping capacity has not matched the rapid growth in trade, comprising energy imports and refined oil product exports.
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"We definitely need to work with the local partners and together with strong cooperation with Indian shipyards," Hashimoto said.
India plans to establish a maritime development fund of 250 billion rupees ($2.84 billion) to provide long-term financing for the nation's shipbuilding and repair sector, according to the government's budget released in February.
Shipbuilding is one of the sectors the government aims to boost in a multibillion-dollar initiative to transform India into a premier manufacturing country. Industry specialists assert that such strategic partnerships may bolster India’s shipping industry, generate skilled employment opportunities, and improve its position in international maritime trade in the years ahead.