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Home > All news > Business, Economy > India expects ₹10 trillion pact at Global Maritime India Summit : Sarbananda Sonowal

India expects ₹10 trillion pact at Global Maritime India Summit : Sarbananda Sonowal

September 26, 2023
Reading Time: 2 minutes
Global Maritime India Summit 2023 roadshow in Chennai.
Global Maritime India Summit 2023 roadshow in Chennai.

NEW DELHI : India expects to sign investment pacts worth ₹10 trillion during the Global Maritime India Summit in Mumbai slated for 17-19 October, Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal said.

“The Global Maritime India Summit 2023 is a pivotal event on the maritime calendar, and it holds immense significance for India and the world. For India, it is an opportunity to showcase our remarkable progress and potential in the maritime domain. The summit not only fosters collaboration and knowledge-sharing but also attracts investments and partnerships. It’s a chance for us to attract global players to invest in our ports, shipbuilding, maritime logistics and other related sectors. We aim to position India as a preferred destination for maritime trade, innovation, and investment.”

“To strengthen and modernize this crucial domain, India seeks investments across various key areas. Firstly, port infrastructure development stands out as a prime avenue. India’s major ports require significant expansion and modernization to handle larger vessels and increasing cargo volumes. Foreign investment in port infrastructure can enhance efficiency, reduce turnaround times, and ultimately contribute to smoother international trade operations. Secondly, the development of inland waterways is another area ripe for global investment. Additionally, investments in shipbuilding technology, such as eco-friendly vessels and digital solutions, would be welcome as India strives to become a global hub for green shipbuilding and maritime innovation.”

“An investment commitment of up to ₹10 trillion is expected to span across ports development and modernization, shipping, inland waterways, technology and innovation, green shipping, tourism, education, skilling, etc. Previous editions of the summit have witnessed over 600 memorandums of understanding worth ₹4.5 trillion collectively across both editions (2016 and 2021) and have translated into several successfully executed projects. The upcoming 2023 edition is poised to far surpass the previous editions.”

Elaborating on India Middle East Europe Economic Corridor, he said, “India Middle East Europe Economic Corridor is a transnational rail and shipping route spread across two continents and is expected to stimulate economic development through improved connectivity and economic integration between Asia, the Arabian Gulf and Europe. The corridor holds significant potential to improve trade accessibility in India, thus contributing to economic growth. It will give India a more efficient trade route to access markets in Europe, Asia and the Arabian Gulf. As trade volumes along the route grow, there will be a higher demand for logistics and transportation services, including trucking, warehousing, and port operations.

To accommodate the expected increase in cargo traffic along this route, Indian ports will need to expand and modernize their facilities. This is essential to ensure efficient cargo movement and reduce transportation costs along this corridor. Secondly, international cooperation is crucial. India actively engages in diplomatic efforts to forge partnerships and agreements with Middle East and European countries and other relevant stakeholders. The success of these maritime initiatives will depend on a combination of strategic investments, international collaborations, and the adoption of advanced technologies, all aimed at fostering seamless connectivity and trade between India, the Middle East, Europe, and other regions.”

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