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India-Korea Shipyard MoU to Generate 15,000 Jobs at Thoothukudi

India signed a tripartite MoU with HD Korea Shipbuilding for a mega greenfield shipyard at Thoothukudi. The project aims to create 15,000 direct jobs upon stabilization. It is a key outcome under the India-ROK maritime cooperation framework. The shipyard will anchor a larger industrial cluster with ancillary manufacturing.

Key Points: India-Korea Shipyard MoU: 15,000 Jobs at Thoothukudi

  • Tripartite MoU signed for India's first mega greenfield shipyard at Thoothukudi
  • Project to create 15,000 direct jobs and substantial indirect employment
  • Partnership under India-ROK maritime cooperation framework
  • Shipyard to anchor Thoothukudi Shipbuilding Cluster with ancillary industries
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India's MoU with Korean firm for mega greenfield shipyard to generate 15,000 direct jobs

India signs MoU with HD Korea Shipbuilding for a mega greenfield shipyard at Thoothukudi, creating 15,000 direct jobs and boosting maritime ties.

"Around 15,000 direct jobs are estimated to be created upon stabilisation of operations - Ministry of Ports, Shipping and Waterways"

New Delhi, May 13

A tripartite memorandum of understanding to develop India's first mega greenfield shipyard at Thoothukudi was signed, envisaging a 2.5 million gross tonnage capacity and around 15,000 direct jobs, an official statement said on Wednesday.

The statement from the Ministry of Ports, Shipping and Waterways said the MoU was signed between HD Korea Shipbuilding & Offshore Engineering (HD KSOE), National Shipbuilding & Heavy Industries Park, Tamil Nadu (NSHIP‑TN), and Sagarmala Finance Corporation Ltd.

The MoU provides a foundation for the joint development, financing, construction and operation of a world-class mega shipyard at Thoothukudi, the statement noted.

Around 15,000 direct jobs are estimated to be created upon stabilisation of operations, besides creating substantial indirect employment opportunities across Tamil Nadu and the surrounding region.

Thoothukudi Greenfield Shipyard is one of the earliest implementation outcomes under the India-ROK maritime cooperation framework and reflects the growing strategic partnership between the two countries in the maritime domain.

Beyond shipbuilding capacity creation, the project is envisaged to catalyse the development of a comprehensive maritime industrial ecosystem through ancillary and component manufacturing clusters, localisation of marine equipment and engineering supply chains, workforce skilling initiatives, and adoption of advanced manufacturing, digital shipbuilding and green shipping technologies.

NSHIP is a Special Purpose Vehicle jointly promoted by V.O. Chidambaranar Port Authority (VoCPA), a state-owned port and State Industries Promotion Corporation of Tamil Nadu (SIPCOT) of Tamil Nadu government.

Sagarmala Finance Corporation Limited works under the Ministry of Ports, Shipping and Waterways (MoPSW).

The collaboration may also facilitate training of Indian shipbuilding professionals and workers at HD KSOE's facilities in the Republic of Korea.

India-ROK Comprehensive Framework 'VOYAGES' (Shared Vision for Operation of Yard Assisted Growth with Efficiency and Scale) for Partnership in Shipbuilding, Shipping and Maritime Logistics was launched following the meeting between Prime Minister Narendra Modi and President Lee Jae Myung during the latter's State Visit to India.

The proposed shipyard will serve as the anchor facility of the Thoothukudi Shipbuilding Cluster being developed by NSHIP-TN. The Techno-Economic Feasibility Report (TEFR) for the project has already been completed, while preparation of the Detailed Project Report (DPR) is currently underway, the statement said.

- IANS

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Reader Comments

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Priya S
While the job creation numbers are exciting, I hope the environmental impact assessments are done properly. Thoothukudi already has industrial activity and we must ensure sustainable development. Also, let's not forget to upskill our local workforce rather than relying entirely on Korean training. Good initiative but need to watch the execution.
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James A
Great to see India leveraging its strategic partnership with South Korea. This mega shipyard could be a game-changer for our shipbuilding sector. The ancillary industry development alone could transform the region. Well done MoPSW! 🙌
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Sneha F
I'm cautiously optimistic. We've seen many MoUs announced but actual ground-level implementation takes years. Hope this time the bureaucracy doesn't kill the momentum. The 'VOYAGES' framework sounds promising – let's see if it actually delivers. Tamil Nadu needs this kind of industrial push.
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Emma D
As someone who works in logistics, this is huge! Thoothukudi Port already handles decent cargo, but a greenfield shipyard adds immense value. The technology transfer from HD KSOE will be invaluable. Just hope the local community gets fair compensation and resettlement benefits. Win-win if done right.
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Vikram M
Excellent move to boost 'Make in India' in shipbuilding! Korea is world leader in this domain. The 2.5 million gross tonnage capacity will put India on global shipbuilding map. My only concern: we need to ensure the ancillary ecosystem develops simultaneously, not as an afterthought. Otherwise we'll just assemble imported parts.

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