"The South Korean shipbuilding industry, which had been a global industry leader, has plunged into a crisis. And many of experienced human resource in this sector have been under companies’ structural reconstruction. India is a market where the South Korean shipping industry can revitalize its competiveness and India is a land of an opportunity where those human resources can find a job."

Ambassador of India to S. Korea Vikram Doraiswami sent his message (opinion) to me, emphasizing Korean companies should pay attention to India to revitalize the S. Korean shipbuilding Industry. Since Modi’s taking office as Indian Prime Minister in 2014, his administration has focused on boosting India’s manufacturing sector under the ‘Make in India’ initiative, and one of its key projects is to strengthen shipbuilding sector. This makes India and S. Korea a perfect partner for each country and, at the same time, it provides chances for Korean companies to find its way to overcome its crisis.

 ‘Make in India’ is an initiative launched by India’s Prime Minster Modi and is aiming to boost manufacturing in the country and to attract foreign companies to locate their manufacturing units in India to support economic growth.

Under Make in India initiative, recording 7.3 percent growth rate, India outpaced China (6.8%).

As India is surrounded by oceans on its 3 sides, India can easily establish connectivity with Asia, Middle East and Europe. India has chosen the maritime sector as a means of driving the country’s economic transformation and has pursuing its ambitious vision on developing maritime sector including shipbuilding industry which can create a number of subsidiaries and jobs.

What we have to focus on is that ‘India is keen on having partnership with S. Korea’. Prime Minister Narendra Modi paid a state visit on May last year and had a meeting with President Park. Two leaders have agreed to deepen cooperation on maritime sector. Recognizing the importance of shipping industry in the bilateral relationship and showing his interests in S. Korea’s advanced shipbuilding technology, PM spared his busy schedule to visit Shipyard of Hyundai Heavy Industries in Ulsan. The Maritime India Summit 2016 was held in Mumbai on April 2016 and South Korea participated as the sole partner country for this event. Prime Minister Modi addressed the inaugural session, and Korean delegation had showcase programs and exclusive sessions.

 “Highly experienced South Korea’s professionals who are facing companies restructuring can come to India and can enjoy working as experts and actively participate in India’s training programs for skilled workforce,” Ambassador Doraiswami highlighted.

Embassy of India in Seoul noted that India’s Minister of Road Transport, Highways and Shipping plans his official visit to South Korea on December this year. South Korea (We), which had enjoyed showing off its strength in maritime sector including shipbuilding industry, is now concerned about structural reconstruction. India might not be the only answer for us to solve our current challenges. But it is clear that S. Korea (we) should turn our eyes to the overseas market to overcome the crisis and to meet new opportunities.