During Narendra Modi’s three-day visit to South Korea this week, the Indian Prime Minister was focused on seeking increased industrial partnership between the two countries with a particular focus on shipbuilding. Prime Minister Modi paid a visit to Hyundai Heavy Industries (HHI) where he and executives from HHI discussed various ways to expand cooperation on naval defense, LNG carrier construction and shipbuilding technology.
Capping off the visit, Prime Minister Modi signed a memorandum of understanding between India’s Ministry of Shipping and South Korea’s Ministry of Oceans and Fisheries that envisages the sharing of technologies, information and experiences, the training of seafarers, and the exchange of experts and port operations.
In the foreseeable future, HHI notes that India’s state-run gas company GAIL is likely to place an new building order of up to 11 LNG carriers to ship LNG from the US to India for 20 years starting in 2017. Meanwhile, HHI recently signed an MOU with India-based engineering major Larson & Toubro on technological support for construction of LNG carriers.
Beyond LNG, HHI says they have undertaken a total of 30 offshore projects for India, beginning with the Mumbai offshore oil platform project in 1982. Also, the company has operated construction equipment production lines in Pune since 2008.
HHI is reported to be the only Korean company the Prime Minister visits during his two-day stay in Korea.