Staff Reporter

KOCHI: Potential of the Indian shipbuilding industry is very high and investors in India should think in terms of investing in the industry in a big way, said Rear Admiral Ajit Tiwari, president of the Indian Shipbuilders’ Association here on Tuesday.

Presenting a paper on the ‘Indian shipbuilding industry and its future prospects’ at an international seminar on shipbuilding and conversion technology, Rear Admiral Tiwari said that the country’s shipbuilding industry had made rapid progress.

“While the global maritime industry’s growth is 8 per cent, the Indian maritime sector is growing at a rate of 12 per cent. There will be a demand for 500 million DWT in the near future. So Indian entrepreneurs should seriously think of investing in the Indian shipbuilding industry,” he said.

Growth potential was immense for the shipping industry and this was the right time for investment in the sector, he said. New shipyards, more infrastructure and incentives were needed to help the industry, he added.

Earlier, Noboru Ueda, Chairman, Class NK, a leading Japan-based classification society, inaugurated ‘ShipTek 2008’ – International Conference on Shipbuilding and Conversion Technology.

Mr. Ueda said that such international conferences had great significance as the global shipping industry was thriving.

Sohan Roy S.K, CEO of Aries Group, and Shyam Kurup, COO of Marine BizTV, which is organising the conference, were present.

Dong Shik Shi, who is known as the ‘father of Korean Shipbuilding’, presented a paper on ‘World Shipbuilding Trends and Korean Shipbuilding Industry’. Mr. Shin said that the Korean government had taken a strong initiative for the development of the shipbuilding sector.

More than 300 delegates from across the world are participating in the conference. ShipTek Expo, an exhibition along with the conference, showcases the latest technology and trends in the industry.