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India’s first International Maritime Cluster to come up at GIFT City

Our Bureau Ahmedabad | Updated on June 07, 2021

A view of GIFT City

GMB’s initiative aims to provide a one-stop solution for the entire maritime fraternity

Gujarat Maritime Board (GMB) will set up India’s first international maritime services cluster at GIFT City, the state-run ports operator and regulator informed.

The Maritime Cluster will be developed as a dedicated ecosystem comprising ports, shipping, logistics services providers and pertinent government regulators, all present in the same geographic vicinity of GIFT City.

Avantika Singh, Vice-Chairman & CEO, GMB, said, “This will be a first-of-its-kind commercial maritime services cluster in India, which has been conceptualised to enhance competitiveness and self-sufficiency of India in the maritime sector and provide a one-stop solution for the entire maritime fraternity.”

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“GIFT City provides us with a seamless environment to create a robust maritime fraternity and strengthen its value chain. GIFT City has state-of-the art infrastructure and world-class banking facilities and institutions, that will be beneficial for fostering innovation, economic viability, collaboration and business opportunities for the cluster,” she added.

Ease of doing business

The cluster looks to host maritime industry players including regulators, government agencies, maritime/shipping industry associations and businesses, intermediate service providers, such as shipping finance, marine insurance, maritime arbitrators, maritime law firms, among others, and support services providers, such as maritime education institutes.

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The Maritime Cluster will also have an Alternate Dispute Resolution (ADR) Centre, focused on maritime/shipping.

“This shall ensure economic benefits and ease of doing business for the maritime fraternity, which currently has to depend on international arbitration centres,” a statement said.

Tapan Ray, MD & Group CEO, GIFT City, commented, “Establishing a maritime cluster is a much-needed step towards advancing India’s credentials and economic viability in this sector.”

“GIFT City has the unique distinction of being India’s first IFSC and inclusion of such institutions enhances our value proposition,” he said.

Published on June 07, 2021

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