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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, Sarbananda Sonowal, Union Minister of Ports, Shipping and Waterways, said on Tuesday.
According to him, the country has been an active participant in various multinational maritime forums for equitable and sustainable development.
Sonowal was speaking at a virtual interaction that included Indian Ambassadors from the East and the West Zones. The meeting was aimed at exploring investment opportunities in the domestic maritime sector.
The meeting saw participation from more than 45 Indian missions including USA, UK, France, Canada, Singapore, Russia, UAE, Australia, Korea, Spain, Sweden, Switzerland, Denmark, Netherlands, Brazil etc.
Indian missions from the Commonwealth of Independent States, BIMSTEC, Middle East, Gulf and other neighbouring countries on eastern side were also present.
- Also read: Investment opportunities worth over Rs 10 lakh crore identified in maritime sector: Sonowal
“With a potential investment of more than ₹10 lakh crore ($12,000 million), we can drive economic transformation that resonates within our borders and reverberates globally. 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” Sonowal said.
Alluding to the upcoming Global Maritime India Summit (GMIS) 2023, the Minister urged ambassadors to leverage their positions and drive participation from respective governments and corporates of these participating countries.
- Also read: Indian ports, surging ahead
Sonowal said, India has emerged as the fifth largest economy in terms of GDP and the third largest in purchasing power parity.
The maritime sector here is also opened for 100 per cent Foreign Direct Investment through automatic routes.
From cruise tourism to shipbuilding and maritime education, the country’s Maritime Vision encompasses multiple domains that present opportunities for international collaboration, Sonowal maintained.
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