New Delhi, Nov 16 (NationPress) Minister of Petroleum and Natural Gas, Hardeep Singh Puri, stated on Sunday that the vibrant youth of India combined with the technological advancements of South Korea can create a mutually beneficial partnership for both nations.

The minister, currently visiting Seoul, expressed his excitement about engaging with a group of enthusiastic young Indian professionals and students eager to explore career and educational opportunities in Korea.

“They shared their aspirations and dedication to contribute to India's progress and development under the guidance of Prime Minister Narendra Modi,” he mentioned in a post on X.

Puri also held discussions with senior executives from various South Korean firms to identify potential avenues for strategic collaboration between India and Korea, particularly in shipbuilding.

Korean shipping companies possess the expertise and capabilities, while India has the demand, skilled workforce, and favorable policies to forge a successful alliance in line with the ‘Make in India’ initiative, he noted.

“I visited the extensive shipbuilding complex of Hanwha Ocean in Geoje, South Korea. With strong growth across industries, India's economy, one of the fastest growing globally, along with our energy sector, presents significant partnership and investment prospects as we aim for Viksit Bharat under PM Modi,” Puri remarked in a prior post on X.

“Our energy Public Sector Undertakings invest around $5-8 billion annually for energy freight and currently have a need for approximately 59 vessels to start with. This is a tremendous opportunity for global leaders like Hanwha Ocean to work together and construct these vessels in India,” he observed.

The minister emphasized that now is the opportune moment for collaboration in ship manufacturing to meet global demands.

“We will not only recoup the costs of our vessels within 5 years, but will also position India as a global maritime shipping hub,” Puri asserted.

India has implemented robust support measures to promote shipbuilding initiatives, including 15–25 percent capital support for vessels constructed in India; an additional 5 percent incentive for ship recycling; a Marine Development Fund for equity financing; 3 percent interest subvention and infrastructure assistance for new shipyards and clusters.

The minister focused on enhancing LNG and crude carrier shipbuilding to satisfy India's escalating energy needs and build a self-sufficient maritime future.

Puri had previously toured the advanced shipyard of HD Hyundai Heavy Industries in Ulsan.

This vast facility, covering 1,680 acres, is the largest shipyard globally involved in ship construction, offshore plants, and engine and machinery sectors.

“With 20 percent of vessels either arriving or departing from India in the next 15 years, this represents a golden opportunity for Korean shipbuilders to collaborate with us and ‘Make in India for the World’,” the minister concluded.