KOBC discusses shipping, port and logistics cooperation with Singapore and India

[Financial News] KOBC said on the 28th that it had held a series of discussions in Busan with Singapore’s Maritime and Port Authority and a delegation from India’s Ministry of Ports, Shipping and Waterways on shipping and port cooperation and ways for Korean companies to expand overseas.
On the 26th, KOBC met with a delegation that included the head of Singapore’s Maritime and Port Authority, shared key initiatives and plans for developing the maritime industries of the two countries, and explored ways to cooperate.
Singapore’s Maritime and Port Authority is pursuing the maritime industry’s green and digital transition while working to attract investment and businesses to the country.
KOBC asked for support and attention to help Korean companies seeking to enter Singapore—a shipping and logistics hub linking East Asia and Europe—establish a stable business presence there.
The following day, the 27th, KOBC met with India’s minister of ports, shipping and waterways and a high-level delegation and exchanged views on expanding cooperation in shipping, ports and logistics infrastructure.
Executives from Korean shipping company PIL also attended the meeting that day. They discussed ways to participate in the Indian government’s Vadhvan port terminal development project and to expand networks between shipping companies in the two countries.
The Vadhvan port development project is one of the major port development projects being pursued by the Indian government and is expected to become a strategic hub for handling India’s import and export cargo and expanding global shipping networks.
At the meeting, the two sides agreed to consider the potential for KOBC and Korean shipping companies to invest in and participate in the Vadhvan port terminal development project, and to explore specific ways to cooperate in the future.
They also explored the potential for expanding networks between shipping companies and cooperating on shipping routes and logistics, to accommodate increased maritime cargo volumes resulting from expanded trade between Korea and India and to build a stable maritime transport network.
The discussions align with India’s policy direction for developing its maritime industry.
As part of its efforts to grow the national economy, the Indian government has announced the “Maritime Amrit Kaal Vision 2047” and is pursuing the development of its shipping, port and shipbuilding industries.
India is making the expansion of maritime infrastructure and the strengthening of technological competitiveness key priorities for economic growth, and has expressed interest in cooperation that draws on South Korea’s advanced shipping and shipbuilding capabilities.
In April, India signed an “MOU on Cooperation in Port Development and Related Maritime Fields” with South Korea, laying the groundwork for cooperation in the maritime sector. It hopes to develop its own maritime industry by drawing on South Korea’s advanced shipping and shipbuilding capabilities.
Ahn Byeong-gil, president of KOBC, said, “Singapore and India are countries of great strategic importance in the global shipping and logistics network, and important partners in strengthening the competitiveness of our maritime industry and expanding overseas business opportunities.” He added, “We will strengthen a range of support, including financial assistance, so that Korean companies can achieve tangible results.”

[email protected] Byun Ok-hwan Reporter