K-shipbuilding parts makers target Malaysia, India as KOTRA, Ulsan dispatch trade mission

The Korea Trade-Investment Promotion Agency said Tuesday it has dispatched the Ulsan City Malaysia-India Shipbuilding and Marine Trade Mission to Kuala Lumpur, Malaysia, and Chennai, India, jointly with Ulsan Metropolitan City, from Oct. 26 through Nov. 5.

The mission includes 13 companies in total, seven of them Ulsan-based firms operating in sectors such as eco-friendly vessels, marine environment, design and engineering, ship engines, ship components, equipment parts and shipbuilding materials. The companies held consultations in Kuala Lumpur before the Ulsan contingent traveled on to Chennai, where they met local shipyards, plant project owners and import buyers. KOTRA said it organized the mission to align with Malaysia's demand for marine project orders and India's large-scale government support for the shipbuilding industry.

The Kuala Lumpur session on Wednesday featured Lumut Naval Shipyard (LUNAS), a government-led Malaysian company specializing in naval vessel and special-ship construction and marine maintenance, repair and overhaul, which attended to discuss orders for ship equipment. Malaysia's Ministry of Finance acquired a full stake in shipbuilding and defense firm Boustead last year and relaunched it as the shipyard. A total of 31 consultations worth $18.62 million were held with 22 local buyers in the marine plant and engineering sectors. KOTRA said Malaysia presents strong prospects for supplying high-value vessels such as tankers and LNG carriers, as well as module fabrication and welding, piping and valve equipment.

At the Chennai session on Thursday, 85 consultations worth $32.49 million were conducted with 41 local buyers, including SISCO Energy. India's Ministry of Ports, Shipping and Waterways announced implementation guidelines in December 2025 committing $4.7 billion (447.3 billion rupees) to two schemes — the Shipbuilding Financial Assistance Scheme (SBFAS) and the Shipbuilding Development Scheme (SbDS). The SBFAS, worth about $2.6 billion, provides differentiated support based on vessel type, construction value and the share of value added within India. The SbDS, worth about $2.1 billion, covers infrastructure for greenfield shipbuilding clusters, capital support for expanding existing shipyards and the establishment of an Indian Ship Technology Center. Both schemes run through March 2036.

In India, five greenfield shipbuilding clusters — including one in Thoothukudi, Tamil Nadu — had received preliminary approval through August this year, with follow-up steps such as anchor shipyard selection and business plan announcements under way. KOTRA noted that while India is expanding its yards, it remains heavily dependent on overseas sources for key components and design capabilities, and said Korean shipbuilding equipment and consulting firms with strong technical expertise need to enter the local market.

Among the mission participants, one company refined plans with a Kuala Lumpur buyer for applying ship design, construction and conversion engineering technology. In Chennai, four letters of intent were signed with local buyers — covering ship and plant oil-removal agents, eco-friendly vessel construction, ship engineering, and overseas plant EPC services.

Kang Sang-yeop, KOTRA executive vice president and head of the small and medium enterprise division, said the shipbuilding and marine sector is a flagship industry of the southeastern region under the agency's balanced-growth strategy, adding that overseas attention to K-shipbuilding and marine equipment has spread beyond Europe and North America to South Asia and China. "We will apply the success formula that globalized Korean auto parts to ship equipment as well, and do our utmost to support export growth in the region," Kang said.