<p data-path-to-node="4" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><b data-path-to-node="4" data-index-in-node="0" style="line-height: 1.15 !important;">BUSAN</b><span style="line-height: 1.15 !important;"> — India's Union Minister of Ports,</span><span style="line-height: 1.15 !important;"> Shipping and Waterways,</span><span style="line-height: 1.15 !important;"> Sarbananda Sonowal,</span><span style="line-height: 1.15 !important;"> has commenced a four-day official mission to South Korea,</span><span style="line-height: 1.15 !important;"> holding high-level bilateral talks and industry engagements in the port metropolis of Busan to channel South Korean capital,</span><span style="line-height: 1.15 !important;"> technology,</span><span style="line-height: 1.15 !important;"> and engineering practices into India's domestic maritime industrial ecosystem.</span></p><p data-path-to-node="5" id="p-rc_090a99653f46758e-69" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-565" style="line-height: 1.15 !important;">The diplomatic outreach is aimed at operationalizing the </span><b data-path-to-node="5" data-index-in-node="57" class="" style="line-height: 1.15 !important;">VOYAGES</b><span class="citation-565" style="line-height: 1.15 !important;"> (</span><i data-path-to-node="5" data-index-in-node="66" class="" style="line-height: 1.15 !important;">Shared Vision for Operation of Yard Assisted Growth with Efficiency and Scale</i><span class="citation-565 citation-end-565" style="line-height: 1.15 !important;">) framework, a bilateral maritime pact instituted between India and South Korea to accelerate shipyard development, vessel manufacturing, and port logistics.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2563806301="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" data-turn-source-index="1" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c117407407="" style="line-height: 1.15 !important;"> <!----><source-inline-chip _ngcontent-ng-c117407407="" _nghost-ng-c230154732="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><h4 data-path-to-node="6" style="font-family: &quot;Google Sans&quot;, sans-serif !important; line-height: 1.15 !important;"><b>Mobilizing Indian Engineering Talent in Korea</b></h4><p data-path-to-node="7" id="p-rc_090a99653f46758e-70" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-564 citation-end-564" style="line-height: 1.15 !important;">Opening his official itinerary in Busan—the operational epicenter of South Korea’s shipbuilding industry—Sonowal held targeted deliberations with Indian marine engineers, naval architects, and technical leaders currently working across Korea's top maritime institutions, including HD Hyundai, Hanwha Ocean, Samsung Heavy Industries, DNV, and the Indian Register of Shipping.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2563806301="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" data-turn-source-index="2" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c117407407="" style="line-height: 1.15 !important;"> <!----><source-inline-chip _ngcontent-ng-c117407407="" _nghost-ng-c230154732="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><p data-path-to-node="8" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span style="line-height: 1.15 !important;">"Your presence in Korea,</span><span style="line-height: 1.15 !important;"> at the heart of one of the world's most advanced shipbuilding ecosystems,</span><span style="line-height: 1.15 !important;"> is a matter of pride for India,</span><span style="line-height: 1.15 !important;">" Sonowal remarked,</span><span style="line-height: 1.15 !important;"> urging professionals to act as operational bridges connecting Korean yards with India's expanding industrial capacity.</span></p><p data-path-to-node="9" id="p-rc_090a99653f46758e-71" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-563 citation-end-563" style="line-height: 1.15 !important;">Sonowal emphasized that the VOYAGES framework must serve as an active engine for knowledge exchange, encouraging overseas professionals to mentor emerging Indian engineers, transfer modern yard execution standards, and participate in institutions such as the proposed India Ship Technology Centre and joint vocational programs coordinated with the Korea International Cooperation Agency (KOICA).<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2563806301="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" data-turn-source-index="3" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c117407407="" style="line-height: 1.15 !important;"> <!----><source-inline-chip _ngcontent-ng-c117407407="" _nghost-ng-c230154732="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><h4 data-path-to-node="10" style="font-family: &quot;Google Sans&quot;, sans-serif !important; line-height: 1.15 !important;"><b>Comprehensive Policy Backing for Green Shipyards</b></h4><p data-path-to-node="11" id="p-rc_090a99653f46758e-72" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-562 citation-end-562" style="line-height: 1.15 !important;">Presenting India’s maritime value proposition to South Korean industry executives and research organizations, the Minister detailed a suite of domestic policy interventions designed to derisk and accelerate international joint ventures:<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2563806301="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" data-turn-source-index="4" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c117407407="" style="line-height: 1.15 !important;"> <!----><source-inline-chip _ngcontent-ng-c117407407="" _nghost-ng-c230154732="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><ul data-path-to-node="12" style="padding-inline-start: 32px; font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><li style="line-height: 1.15 !important;"><p data-path-to-node="12,0,0" id="p-rc_090a99653f46758e-73" style="line-height: 1.15 !important;"><b data-path-to-node="12,0,0" data-index-in-node="0" style="line-height: 1.15 !important;">Financial Incentives and Price Offsets:</b><span style="line-height: 1.15 !important;"> </span><span class="citation-561 citation-end-561" style="line-height: 1.15 !important;">Highlighting the Shipbuilding Financial Assistance Scheme (SBFAS), which provides direct financial offsets to narrow cost differentials between domestic yards and foreign competitors.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2563806301="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" data-turn-source-index="5" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c117407407="" style="line-height: 1.15 !important;"> <!----><source-inline-chip _ngcontent-ng-c117407407="" _nghost-ng-c230154732="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="12,1,0" style="line-height: 1.15 !important;"><b data-path-to-node="12,1,0" data-index-in-node="0" style="line-height: 1.15 !important;">Capital Support via Maritime Development Fund:</b><span style="line-height: 1.15 !important;"> Showcasing the dedicated ₹25,</span><span style="line-height: 1.15 !important;">000-crore Maritime Development Fund (MDF) to supply equity backing and low-cost financing for greenfield shipyard clusters and brownfield modernizations.</span></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="12,2,0" id="p-rc_090a99653f46758e-74" style="line-height: 1.15 !important;"><b data-path-to-node="12,2,0" data-index-in-node="0" style="line-height: 1.15 !important;">Cluster Development:</b><span style="line-height: 1.15 !important;"> </span><span class="citation-560 citation-end-560" style="line-height: 1.15 !important;">Leveraging the Shipbuilding Development Scheme (SbDS) to build dedicated megaclusters and block-fabrication facilities across strategic coastal corridors in Tamil Nadu, Andhra Pradesh, and Gujarat.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2563806301="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" data-turn-source-index="6" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c117407407="" style="line-height: 1.15 !important;"> <!----><source-inline-chip _ngcontent-ng-c117407407="" _nghost-ng-c230154732="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="12,3,0" id="p-rc_090a99653f46758e-75" style="line-height: 1.15 !important;"><b data-path-to-node="12,3,0" data-index-in-node="0" style="line-height: 1.15 !important;">Long-Term Demand Visibility:</b><span style="line-height: 1.15 !important;"> </span><span class="citation-559 citation-end-559" style="line-height: 1.15 !important;">Assuring Korean partners of immediate market absorption through India’s domestic procurement pipeline of more than 400 commercial and specialized vessels valued at approximately ₹2.2 lakh crore ($25 billion).<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2563806301="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" data-turn-source-index="7" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c117407407="" style="line-height: 1.15 !important;"> <!----><source-inline-chip _ngcontent-ng-c117407407="" _nghost-ng-c230154732="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li></ul><h4 data-path-to-node="13" style="font-family: &quot;Google Sans&quot;, sans-serif !important; line-height: 1.15 !important;"><b>Advancing Multilateral and Bilateral Engagements</b></h4><p data-path-to-node="14" id="p-rc_090a99653f46758e-76" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-558 citation-end-558" style="line-height: 1.15 !important;">In addition to corporate roundtables with South Korean maritime shipbuilders and design institutes, Sonowal's itinerary in Busan includes participation in a high-level ministerial roundtable marking World Maritime Day.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2563806301="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" data-turn-source-index="8" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><span style="line-height: 1.15 !important;"> </span><span class="citation-557 citation-end-557" style="line-height: 1.15 !important;">The session brings together maritime transport ministers and International Maritime Organization (IMO) leadership to deliberate on sustainable shipping, green propulsion, and resilient international maritime corridors.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2563806301="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2563806301="" class="superscript" data-turn-source-index="9" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c117407407="" style="line-height: 1.15 !important;"> <!----><source-inline-chip _ngcontent-ng-c117407407="" _nghost-ng-c230154732="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><p data-path-to-node="15" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span style="line-height: 1.15 !important;">The bilateral engagements in Busan form a critical execution phase of the </span><i data-path-to-node="15" data-index-in-node="74" style="line-height: 1.15 !important;">Maritime India Vision 2030</i><span style="line-height: 1.15 !important;"> and </span><i data-path-to-node="15" data-index-in-node="105" style="line-height: 1.15 !important;">Maritime Amrit Kaal Vision 2047</i><span style="line-height: 1.15 !important;">,</span><span style="line-height: 1.15 !important;"> providing the technical scaffolding and institutional partnerships needed to transition India from a fringe player into a globally integrated top-five shipbuilding nation.</span></p>