Seoul, July 6 HD Hyundai said on Sunday it will join hands with India's biggest shipbuilder to bolster South Korea's presence in the global shipbuilding market.
HD Korea Shipbuilding & Offshore Engineering Co., HD Hyundai's shipbuilding affiliate, has signed a memorandum of understanding with India's state-owned Cochin Shipyard Ltd. to promote bilateral partnership in the shipbuilding sector, according to the Korean company.
It marks the first time a Korean shipbuilder has forged a partnership with an Indian company, reports Yonhap news agency.
With the initial agreement, HD Hyundai plans to help Cochin Shipyard advance its technologies to a global level and improve its productivity, company officials said.
The two companies will also work together to win shipbuilding deals in India and the global markets, they added.
HD Hyundai said it will work to expand its foothold in India, which has the world's biggest population, as the country is working to foster its oceans industry.
The Indian government has reportedly vowed to make India one of the top 10 global leaders in the shipbuilding industry by 2030 and top five by 2047.
"This partnership will serve as a stepping stone for both HD Hyundai and Cochin Shipyard to take a leap forward while also marking a turning point in accelerating India's national vision for its maritime industry," an official at HD Hyundai said.
"Based on HD Hyundai's technological expertise and experience, we will help Cochin Shipyard strengthen its global competitiveness while also seeking mutual growth with Korean equipment suppliers."
Meanwhile, South Korea ranked second in new global shipbuilding orders in June, according to the report.
South Korean shipyards clinched orders totalling 1.05 million compensated gross tonnes (CGTs) for eight ships, accounting for 41 percent of the global total at 2.56 million CGTs last month, according to London-based Clarkson Research Services.
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