KOCHI: Aiming to develop Kochi as a major hub of shipbuilding in the Indian Ocean region, the Cochin Shipyard Limited (CSL) inked a comprehensive Memorandum of Understanding (MoU) with HD Korea Shipbuilding and Offshore Engineering Ltd (KSOE), a subsidiary of HD Hyundai, one of the largest shipbuilders in the world, on Friday.
The MoU sets the stage for long term cooperation between the two companies in various domains of shipbuilding and maritime development, which includes joint exploration of ship building opportunities in India and abroad, sharing of technical expertise to scale up to the global standards in shipbuilding, identification of initiatives to enhance productivity and capacity utilisation, and joint efforts to upskill and strengthen workforce.
KSOE is a global leader in shipbuilding and marine engineering, with proven expertise in designing and constructing commercial vessels, naval platforms, and offshore infrastructure. The company oversees the operations of some of the world’s largest shipyards, including Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho Heavy Industries.
“It is a strategic MoU which is expected to help both the CSL and KSOE develop facilities to build large merchant vessels. It opens opportunity for a robust economic activity and will create huge employment opportunities. Cochin Shipyard will gain technical expertise from the Korean method of shipbuilding, while the KSOE will gain access to the potentially fastest growing economy. Both the firms will be able to exchange knowledge in design equipment and skilling,” said CSL chairman and managing director Madhu S Nair.