Minister wants investors to participate in diverse industries to create expansive canvas for growth
The Minister of Ports, Shipping & Waterways Sarbananda Sonowal has called on Indian ambassadors and envoys from the East and the West Zones to explore and get foreign investors in an estimated US$12 billion opportunities in the domestic maritime sector.
“With a potential investment of more than Rs.10 lakh crore (US$12 billion), we can drive economic transformation that resonates within our borders and reverberates globally,” he said on 22 Aug 2023 during a meeting on “Global Collaboration in India’s Maritime Transformation”.
“We recognize the importance of robust international trade relations for its economic growth and are taking various initiatives to enhance global cooperation on the maritime front,” he said.
Reflecting on the collaboration potential, Sonowal underlined, “India has already entered bilateral agreements & MoUs with 34 countries on maritime transport & cooperation and signed MoUs on recognition of certificates of seafarers with 40 countries.
“We have also been an active participant in various multinational maritime forums for equitable and sustainable development. Through your support, we shall attain mutual growth and reap the rewards, cultivating a legacy of collaboration, innovation, and prosperity.”
The meeting had participation from more than 45 Indian missions including the US, the UK, France, Canada, Singapore, Russia, the UAE, Australia, Korea, Spain, Sweden, Switzerland, Denmark, Netherlands, Brazil as well as Indian missions from the Commonwealth of Independent States, BIMSTEC, the Middle East, Gulf and other neighbouring countries on eastern side.
Sonowal alluded to the upcoming Global Maritime India Summit (GMIS) 2023 and urged ambassadors to leverage their positions to drive participation from respective governments and corporates in various countries across the globe.
Highlighting India’s emergence as the 5th largest economy in terms of GDP and the 3rd largest in purchasing power parity, Sonowal outlined that the nation’s progress in the maritime domain, characterised by a commitment to 100% Foreign Direct Investment through automatic routes.
The emphasis on the blue economy was visible as the Minister invited investors to participate in diverse industries, creating an expansive canvas for growth. From cruise tourism to shipbuilding and maritime education, the vision encompasses multiple domains that present opportunities for international collaboration.
GMIS 2023, to be held 17-19 Oct, is a premier maritime sector focussed event to bring together pivotal figures from the industry to explore opportunities, understand challenges, and stimulate investment within India’s maritime sector. Fiinews.com
