Korea's top three shipbuilders are accelerating efforts to expand their presence in India, seeking to benefit from the world's most populous country's plan to become a global maritime industry powerhouse. Samsung Heavy Industries recently signed a memorandum of understanding (MOU) with India's Swan Defence and Heavy Industries to collaborate on shipbuilding and offshore engineering. Ranked 20th in global shipbuilding, India aims to become one of the top 10 global players by 2030 and one of the top five by 2047. Hanwha Ocean opened the Global Engineering Center India in July to design components for floating liquefied natural gas facilities and floating production, storage and offloading units. The company, however, said the center does not intend to acquire an Indian shipyard or pursue cooperation with local shipbuilders.