Korean Register (KR), an IACS member classification society, has inked an agreement with the Directorate General of Shipping (DGS) to deliver services on behalf of the Indian flag administration.
Under the deal, Korean Register is to carry out relevant vessel surveys and audits and issue certificates to Indian-flagged ships for SOLAS, MARPOL, ITC, ICLL, and MLC.
The move comes as the Indian government eyes growth in the maritime industry prompted by the country’s recent economic growth which has brought about an increase in the value of import and export trade. However, the port facilities and vessels to accommodate this growth are lacking. Therefore, the Indian government is now seeking foreign investment to build port infrastructure and to stimulate the shipping industry, including shipbuilding.
The agreement follows the Maritime India Summit 2016 (MIS) that was held in Mumbai from 14 to 16 April 2016. During the summit’s two sessions, over 120 business and concession agreements and EPC contracts that are worth over USD 12 bn were signed. In addition, 20 letters of intent were signed covering an investment of USD 1.3 bn.
During the first day of the summit, India’s Cochin Shipyard Limited entered into an agreement with South Korean Shipbuilder Samsung Heavy Industries (SHI) to build LNG ships in India. In addition, a Memorandum of Understanding related to the establishment of Wadhavan Port was also signed. During the MIS, South Korea and India inked a MoU on port development.