Shipping Minister invites global collaboration in India’s maritime transformation

New Delhi [India]: Deliberating on the growth prospects of the Indian maritime industry, the Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, extended an invitation to all the Indian Ambassadors from the East and West Zones to explore the investment opportunities in the domestic maritime sector.

As per the ministry, “The meeting saw a remarkable display of collaboration and commitment to maritime excellence with participation from more than 45 Indian missions, including the USA, UK, France, Canada, Singapore, Russia, UAE, Australia, Korea, Spain, Sweden, Switzerland, Denmark, Netherlands, Brazil, etc., to name a few. Indian missions from the Commonwealth of Independent States, BIMSTEC, the Middle East, the Gulf, and other neighbouring countries on the eastern side were also present.”

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 corporations in various countries across the globe, official saif.

Highlighting India’s emergence as the 5th largest economy in terms of GDP and the 3rd largest in purchasing power parity, Minister Sonowal outlined the nation’s progress in the maritime domain, characterised by a commitment to 100% Foreign Direct Investment through automatic routes.

“With a potential investment of more than Rs 10 lakh crore (US$12,000 million), we can drive economic transformation that resonates within our borders and reverberates globally.

We recognise the importance of robust international trade relations for its economic growth and are taking various initiatives to enhance global cooperation on the maritime front,” the minister stated

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, officials said.

Reflecting on the collaboration potential, Minister Sonowal concluded, “India has already entered into bilateral agreements and MoUs with 34 countries on maritime transport and cooperation and signed MoUs on the 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.”

T K Ramachandran, Secretary, Ministry of Ports, Shipping, and Waterways, Government of India, discussed the goals of the upcoming Global Maritime India Summit (GMIS) during his introductory remarks, an official said.

According to the officials, the secretary underlined the global aspect, emphasising three key elements: advancements in ports and interior waterways, partnerships with foreign businesses for technology and project execution, and the unique trade requirements of many nations.

GMIS 2023 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.

Building upon the legacy of its preceding editions, this third installment aims to unveil broader prospects for domestic and international maritime stakeholders and investors.

Ready to make its presence felt on the global stage and spotlight India’s maritime industry, the Maritime India Summit has now evolved into the ‘Global’ Maritime India Summit this year. The summit is slated for October 17–19, 2023, at Bharat Mandapam, New Delhi.