250 projects identified for domestic and foreign investors
GN Bureau | April 14, 2016
The first-ever Maritime India Summit was inaugurated on Thursday by prime minister Narendra Modi in Mumbai. Here are the key developments and announcements:
• Investment deals worth Rs 82,000 crore are expected to be signed during the summit
• Over 3,000 delegates, including 300 international delegates from 41 countries, have registered in the three-day long summit.
• The ministry of shipping has identified 250 projects being offered at the summit and over 100 under the Sagarmala project in the maritime sector for domestic and foreign investors. They include development of new ports and modernisation of new berths and terminals at existing ports.
• An amount of USD 600 is being invested to make river Ganga navigable over 1,620 km, said Nitin Gadkari, minister for road transport and highways and shipping.
• PM Modi highlighted that oceans cover 70 percent of earth's surface and thus maritime trade is important
• The PM sought to increase port capacity from 1,400 million tonne to 3,000 million tonne by 2025
• Modi raised the concern over climate change, and urged speakers to address the issue at the current forum
• The prime minister took pride in India’s coastline of 7500 km capable of offering vast investment opportunities, and called upon the international community to partner with India for port related development
• India and South Korea signed a memorandum of understanding for cooperation and mutual assistance in the port sector
• The summit will also witness 13 technical sessions, 200 exhibitors and 52 participants from South Korea