(CSL) on Friday signed a comprehensive Memorandum of Understanding (MoU) with HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (KSOE), South Korea for long term cooperation between the two companies in various domains of shipbuilding and maritime development. The MoU includes joint exploration of newbuilding 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. It also includes joint efforts to upskill and strengthen workforce; and exploration of potential collaboration in other shipbuilding-related projects, CSL said in a statement.

KSOE currently oversees the operations of some of the world’s largest shipyards, including Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho Heavy Industries.

This MoU, under which the two companies will pursue strategic cooperation across a range of areas, aligns with the Indian government's aim to develop the country into a global maritime hub under the ‘Maritime India Vision 2030.