Indian Minister Urges Ambassadors for Maritime Investment

24 Aug 2023 CW Team

Shri Sonowal referred to the upcoming Global Maritime India Summit (GMIS) 2023, encouraging ambassadors to leverage their positions to encourage involvement from respective governments and businesses worldwide. He highlighted India's standing as the 5th largest economy in terms of GDP and the 3rd largest in terms of purchasing power parity. Shri Sonowal emphasized the nation's progress in the maritime sector, exemplified by a commitment to 100% Foreign Direct Investment through automatic routes.

Stressing the potential for over INR 10 lakh crore (US$12,000 million) in investments, Shri Sonowal emphasized the capacity to drive economic transformation within India's borders and beyond. He acknowledged the significance of robust international trade relations for economic growth and outlined initiatives to enhance global cooperation in the maritime domain.

The Minister's emphasis on the blue economy was evident as he invited investors to participate in various industries, fostering a broad landscape for growth. From cruise tourism and shipbuilding to maritime education, the vision encompassed multiple sectors offering opportunities for international collaboration.

Shri Sonowal concluded by acknowledging India's bilateral agreements and MoUs with numerous countries on maritime transport and cooperation. He also highlighted India's active participation in multinational maritime forums. Through collaborative support, he aimed to achieve mutual growth, fostering a legacy of collaboration, innovation, and prosperity.

Shri T K Ramachandran, Secretary of the Ministry of Ports, Shipping & Waterways, elaborated on the goals of the upcoming GMIS 2023. He emphasized advancements in ports, interior waterways, partnerships with foreign businesses, and the unique trade needs of various nations.

Furthermore, Shri Periasamy Kumaran, Additional Secretary (ER & DPA) of the Ministry of External Affairs, provided insights into India's transformative phase in ports and shipping. He discussed potential for domestic and foreign investment and the role of Indian missions in business networking and matchmaking.

About Global Maritime India Summit (GMIS) 2023:
GMIS 2023 is a premier event focused on the maritime sector, bringing together industry leaders to explore opportunities, understand challenges, and stimulate investment in India's maritime industry. Building on the legacy of previous editions, this third installment aims to unveil broader prospects for domestic and international maritime stakeholders and investors. The Maritime India Summit has evolved into the 'Global' Maritime India Summit this year, reflecting its global significance. The summit is scheduled for October 17th to 19th, 2023, at Bharat Mandapam, New Delhi.

Discussing the potential growth of the Indian maritime industry, Shri Sarbananda Sonowal, the Minister of Ports, Shipping & Waterways, warmly invited Indian Ambassadors from the East and West Zones to explore investment opportunities within the domestic maritime sector. The meeting showcased significant collaboration and dedication to maritime excellence, with the participation of over 45 Indian missions, including countries like the USA, UK, France, Canada, Singapore, Russia, UAE, Australia, Korea, Spain, Sweden, Switzerland, Denmark, Netherlands, Brazil, and others. Representatives from Indian missions in the Commonwealth of Independent States, BIMSTEC, Middle East, Gulf, and neighboring countries in the eastern region were also present. Shri Sonowal referred to the upcoming Global Maritime India Summit (GMIS) 2023, encouraging ambassadors to leverage their positions to encourage involvement from respective governments and businesses worldwide. He highlighted India's standing as the 5th largest economy in terms of GDP and the 3rd largest in terms of purchasing power parity. Shri Sonowal emphasized the nation's progress in the maritime sector, exemplified by a commitment to 100% Foreign Direct Investment through automatic routes. Stressing the potential for over INR 10 lakh crore (US$12,000 million) in investments, Shri Sonowal emphasized the capacity to drive economic transformation within India's borders and beyond. He acknowledged the significance of robust international trade relations for economic growth and outlined initiatives to enhance global cooperation in the maritime domain. The Minister's emphasis on the blue economy was evident as he invited investors to participate in various industries, fostering a broad landscape for growth. From cruise tourism and shipbuilding to maritime education, the vision encompassed multiple sectors offering opportunities for international collaboration. Shri Sonowal concluded by acknowledging India's bilateral agreements and MoUs with numerous countries on maritime transport and cooperation. He also highlighted India's active participation in multinational maritime forums. Through collaborative support, he aimed to achieve mutual growth, fostering a legacy of collaboration, innovation, and prosperity. Shri T K Ramachandran, Secretary of the Ministry of Ports, Shipping & Waterways, elaborated on the goals of the upcoming GMIS 2023. He emphasized advancements in ports, interior waterways, partnerships with foreign businesses, and the unique trade needs of various nations. Furthermore, Shri Periasamy Kumaran, Additional Secretary (ER & DPA) of the Ministry of External Affairs, provided insights into India's transformative phase in ports and shipping. He discussed potential for domestic and foreign investment and the role of Indian missions in business networking and matchmaking. About Global Maritime India Summit (GMIS) 2023: GMIS 2023 is a premier event focused on the maritime sector, bringing together industry leaders to explore opportunities, understand challenges, and stimulate investment in India's maritime industry. Building on the legacy of previous editions, this third installment aims to unveil broader prospects for domestic and international maritime stakeholders and investors. The Maritime India Summit has evolved into the 'Global' Maritime India Summit this year, reflecting its global significance. The summit is scheduled for October 17th to 19th, 2023, at Bharat Mandapam, New Delhi. See also: Centre plans Rs 120 Bn Brahmani inland waterwayIndia Plans Bureau of Port Security: Sonowal

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