India is inviting international investors to participate in various maritime sectors to boost economic growth.
In preparation for the Global Maritime India Summit (GMIS) 2023, India’s Minister of Port Shipping & Waterways, Sarbanada Sonowal, has extended an invitation to international investors. The aim is to foster growth in various sectors within the maritime industry. The scope of opportunities ranges from cruise tourism and shipbuilding to maritime education, presenting a diverse range of avenues for potential collaboration.
Sonowal has urged Indian ambassadors representing the eastern and western zones to explore investment possibilities within the domestic maritime sector. Highlighting the potential investment amount exceeding USD 12,000 million, he emphasized the transformative impact it could have on India’s economy, both domestically and on a global scale. Recognizing the vital role of robust international trade relations in economic advancement, India is actively pursuing initiatives that promote global partnerships within the maritime domain.
India has already solidified bilateral agreements and Memoranda of Understanding (MoUs) with 34 nations pertaining to maritime transport and cooperation. Additionally, MoUs have been established with 40 countries to facilitate the recognition of seafarers’ certificates.
Sonowal emphasized India’s dynamic engagement in numerous multinational maritime forums, underscoring the nation’s dedication to fair and sustainable development. He expressed a shared vision of mutual growth, aspiring to create a legacy characterized by collaboration, innovation, and prosperity.
By leveraging global support, India seeks to enrich its maritime landscape and drive forward a legacy of cooperation and advancement.