KOMEA Opens Its “Ninth” Overseas Base in Mumbai, India

[Financial News] The Korea Shipbuilding and Marine Equipment Industry Cooperative (KOMEA) announced on the 4th that it had held an opening ceremony for its India base at the ITC Maratha Hotel in Mumbai, India, on the 30th of last month (local time).
The India base is KOMEA’s ninth overseas base, following its first in Singapore in 2016 and subsequent bases in Shanghai, China; Saint Petersburg, Russia; Athens, Greece; and Al Khobar, Saudi Arabia, among others.
India has one of the world’s largest populations and a high economic growth rate, and demand for shipping and logistics is rising rapidly. In particular, under its long-term maritime vision, the Indian government is actively working to develop the country’s shipbuilding industry, aiming to make India one of the world’s five leading shipbuilding powers by 2047 through measures such as building and expanding shipyards and providing shipbuilding finance.
The KOMEA India base plans to promote the quality and competitiveness of Korean shipbuilding and marine equipment to local shipyards, shipowners and engineering firms, and provide hands-on support to domestic companies seeking to enter the Indian market. It will also establish an ongoing support system that includes gathering local market information, identifying buyers, providing export consultations and after-sales support. It will also serve as a communications channel for technical cooperation and the development of joint projects between companies in the two countries.
With the opening of the India base, the cooperative has established a global support network spanning a total of nine bases worldwide. It expects the new base to help domestic marine equipment companies expand into India and contribute to diversifying exports from Korea’s shipbuilding and marine equipment industry.
KOMEA Chair Kang Ho-il said, “India is a market with both the commitment to develop its shipbuilding industry and the growth potential to become a key arena for the global shipbuilding and marine industries in the future.” The chair added, “I expect the India base to build a close cooperation network with local shipyards and buyers and actively support Korean equipment companies on the ground so they can become reliable partners in the growth of India’s shipbuilding industry.”
[email protected] Byun Ok-hwan Reporter