New Delhi: “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", said Union Minister Ports, Shipping & Waterways, Sarbananda Sonowal during the virtual meet of Indian missions on Tuesday. Sonowal extended a warm invitation to all the Indian Ambassadors from the east and west zones to explore the investment opportunities in the domestic maritime sector.
"The meeting saw a remarkable display of collaboration and commitment to maritime excellence with participation from more than 45 Indian missions including 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, Middle east, Gulf and other neighbouring countries on eastern side were also present" a statement released by the ministry mentioned.
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. "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” the minister noted.
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.
Reflecting on the collaboration potential, Minister Sonowal said that, “India has already entered bilateral agreement & 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.”
TK Ramachandran, Secretary, Ministry of Ports, Shipping & Waterways, Government of India, discussed the goals of the upcoming Global Maritime India Summit (GMIS) during his introductory remarks. He 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.
Additionally, Periasamy Kumaran, Additional Secretary (ER & DPA), Ministry of External Affairs, Government of India, provided an overview of the transformative phase in India's ports and shipping, focusing on potential for domestic and foreign investment. He went on to discuss how Indian missions aid in business networking and matchmaking, encouraging participants to find possible investors and partners, promote conversations, and serve as information hubs for the sector.
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 instalment 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 to the 'Global' Maritime India Summit this year. The summit is slated for 17th to 19th October 2023, at Bharat Mandapam, New Delhi.
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