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The United States Department of Commerce, International Trade Administration (ITA), US and Foreign Commercial Service (CS), has initiated a process to bring a large trade delegation representing the US maritime industry to India from February 20 to 24.
The Ports and Maritime Technology Trade Mission will be introduced to India's rapidly expanding port and maritime technology market and to assist US companies pursue export opportunities. There will be representatives from leading US companies that provide cargo handling equipment, port security and maritime technology equipment, according to the ITA.
The trade mission will visit three cities, Chennai, Ahmedabad and Mumbai, where participants will receive market briefings and participate in customised meetings with key port officials and prospective partners.
Start in Chennai
The trade mission will start in Chennai where participants will meet with the Tamil Nadu Government officials, the Tamil Nadu Maritime Board, potential private sector partners and visit a major port. The participants will also visit Ahmedabad where they will meet with private sector port developers and officials from the Gujarat Maritime Board.
In Mumbai, the delegation will meet with the Maharashtra Maritime Board, JNPT officials and private sector port developers. They will also have the option of participating in the SITL trade show, which will take place February 23–25. SITL India aims to provide a much needed platform for the industry, according to the ITA.
Commercial Setting
According to the ITA, India is one of the world's fastest growing economies, presents lucrative opportunities for US companies that offer products and services in the maritime transport industry.
Traffic at the 13 major (national government control) and 187 minor (local state/private control) ports across India has been steadily increasing and is expected to continue growing. To meet the anticipated growth in traffic, the major and minor ports have formulated plans for the development of new terminals, upgrading existing berths and modernising operations by including latest cargo handling equipment, tracking systems, deepening of channels, and widening of roads.
According to an Ernst and Young report, the majority of cargo-handling equipment at Indian ports was commissioned long ago and has outlived its life. In January, the Government of India announced a new shipping sector policy that entails an investment of $66 billion in the port sector and $27 billion for the shipping sector. This new policy proposes to increase the country's port capacity from 1 billion tonnes to 3.2 billion tonnes by 2020, the ITA said.
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