HD Hyundai's Korea Shipbuilding & Offshore Engineering has signed a memorandum of understanding (MoU) with India's state-owned shipbuilder, Cochin Shipyard Limited (CSL), to foster long-term collaboration in the shipbuilding industry.

The MoU will focus on providing design and procurement support for CSL, technical collaboration to boost productivity and meet global quality standards, and workforce training.

This agreement also includes exploring new shipbuilding orders both domestically and internationally.

India's shipbuilding industry is experiencing rapid expansion, with the market projected to grow at an average annual rate of 60% until 2033. The partnership is in line with India's maritime development strategies: the Maritime India Vision 2030 and the Maritime Amrit Kaal Vision 2047, both of which aim to elevate India's maritime industry.

In support of these initiatives, India has set up a Maritime Development Fund of Rs250bn ($2.9bn) and is enhancing policy support for the shipbuilding sector.

An HD Hyundai official stated: “This collaboration will serve as a springboard for both HD Hyundai and CSL to reach new heights, while also marking a turning point in accelerating India's national maritime vision.

“By leveraging HD Hyundai's accumulated technological expertise and experience, we will support CSL in enhancing its global competitiveness, while also seeking opportunities for shared growth with Korean equipment suppliers.”

HD Hyundai is also broadening its international partnerships, having signed MoUs with Huntington Ingalls Industries in the US and Edison Chouest Offshore, as well as engaging in defence cooperation with Peru's SIMA shipyard.

These efforts aim to create synergies and foster growth in the global shipbuilding industry.

HD Hyundai affiliates Avikus and HD Hyundai ENT have signed an MoU to promote the adoption of autonomous navigation technology in the maritime sector.