Sarbananda Sonowal, the Union Minister of Ports, Shipping, and Waterways, revealed that there are investment opportunities worth more than ₹10 trillion in India’s maritime sector. He made this announcement during the curtain raiser event for the Global Maritime India Summit (GIMS) 2023.
The primary goal of the GIMS 2023 event is to unlock the potential for new investments and collaborations in the maritime sector. It also aims to promote knowledge sharing, advancements in technology, and ease of doing business within the sector.
Sonowal emphasized the crucial role that the maritime sector plays in India’s economic growth. He not only highlighted its potential for India but also for the entire Asia-Pacific region. Sonowal expressed confidence in India’s ability to lead the maritime industry, thanks to proactive government policies concerning ports, shipping, and inland waterways.
He stated, “India can lead from the front,” and stressed that India’s maritime sector is on the verge of significant growth. The identified investment opportunities exceed ₹10 lakh crore and have the potential to create employment for more than 15 lakh youth in India.
Sonowal encouraged maritime stakeholders from India and around the world to participate in the event. He also mentioned India’s proactive efforts in developing regional trade within the BIMSTEC region. Additionally, he highlighted India’s commitment to establishing 5,000 kilometers of multi-country waterways, which would facilitate trade and transportation in the region.
The Global Maritime India Summit 2023 will focus on various key areas, including Ports of the Future, Decarbonization, Coastal Shipping & Inland Waterways Transportation, Shipbuilding, Repair & Recycling, Finance, Insurance & Arbitration, Innovation & Technology, Maritime Safety & Security, and Maritime Tourism.