New Delhi: India on Tuesday sought global investments in its maritime industry.

Ahead of the Global Maritime India Summit (GMIS) 2023, ports, shipping & waterways minister Sarbananda Sonowal, invited investors to participate in various industries, thereby creating an expansive canvas for growth. Opportunities span from cruise tourism to shipbuilding and maritime education, offering international partners a multifaceted spectrum of avenues for collaboration, he said.

He asked Indian ambassadors from the east and west zones to explore investment prospects in the domestic maritime sector. “With a potential investment exceeding INR 10 lakh crore (US$12,000 million), we have the capacity to propel economic transformation within our borders and resonate on a global scale. Recognizing the pivotal role of robust international trade relations in our economic growth, we are actively pursuing initiatives to foster global collaboration within the maritime sector.”

India has already inked bilateral agreements and Memoranda of Understanding (MoUs) with 34 countries on maritime transport and cooperation, alongside MoUs regarding the recognition of certificates of seafarers with 40 nations, he said.

“Our active participation in numerous multinational maritime forums underscores our commitment to equitable and sustainable development. Through your steadfast support, we aim to achieve mutual growth, cultivating a legacy characterized by collaboration, innovation, and prosperity,” Sonowal added.

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Updated: 22 Aug 2023, 05:44 PM IST

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