On April 20, 2026, during the state visit of Republic of Korea President Lee Jae Myung to India, Prime Minister Narendra Modi and the Korean President adopted a Comprehensive Framework for Partnership in Shipbuilding, Shipping and Maritime Logistics, anchoring one of the most consequential industrial outcomes of the visit. The framework looks forward to its early implementation and aligns with India Maritime Amrit Kaal vision, which seeks to make India a top-five shipbuilding nation by 2047 from its present share of less than one per cent of global shipbuilding capacity. Both sides took positive note of major industry-to-industry collaborations announced on the sidelines of the summit. A non-binding Memorandum of Understanding was signed between Korean shipbuilder HD Korea Shipbuilding and Offshore Engineering Co Ltd, the identified cluster developer and facilitator, and India Maritime Development Fund for joint development, financing, implementation and operation of a large greenfield shipyard in southern India. A separate Memorandum of Understanding was signed between Bharat Earth Movers Limited of India, HD Korea Shipbuilding and Offshore Engineering and HD Hyundai Samho of Korea to jointly design, manufacture and support next-generation conventional and autonomous maritime and port cranes in India. Korean shipbuilders, which together build roughly a third of the worlds tonnage and dominate high-value segments such as LNG carriers and very large crude carriers, will partner Indian yards on technology transfer, design support and crew training. The framework is significant because it links Korean industrial expertise with India domestic ship demand from the Sagarmala programme, the recently constituted Maritime Development Fund and a renewed shipbuilding financial assistance scheme.