On October 17, 2023, the Indian Prime Minister Narendra Modi said that the India-Middle east Corridor has the potential to transform the global maritime trade and invited investors to partner with the country to be a part of the initiative.
Speaking at the inauguration of the Third Global Maritime Summit (GIMS) via the video link, Modi said India was able to forge a historic consensus a the G20 for the IMEEC and added that the initiative will prove to be a catalyst for prosperity, the same was as Silk Route was a few centuries ago.
Benefits of the IMEEC
“The corridor has the potential to transform the global maritime industry, he said adding that the initiative announced at the G20 Meeting in New Delhi earlier this year will drive positive changes in global and regional trade. For investors, this is an opportunity to partner with India and be a part of their efforts (of making the corridor happen) he added.
Modi said that the corridor entails a slew of development activities including the construction of mega ports, international container shipments, island developments, inland water ways and expansion of multi-modal hubs.
It will also help in reducing the cost of business by making logistics more efficient and curtail damage to the environment and create numerous job opportunities Modi said at the summit which has delegates has from 70 countries.
Strength of Indian Maritime Sector
The PM said, the world is changing post Covid and the entire world is looking towards India with new aspirations. Adding further he said, the domestic economy is continuously getting stronger to =be thr third largest. Very few countries in this world are blessed with development, demography, democracy and demand, Modi said with investors to be a part of India ‘s growth journey wherein the country aspires to break into the league of developed nations in 25 years.
Modi said his government has been working to strengthen the maritime sector in the last 9-10 years and added that whenever India’s maritime capabilities have been strong in history, the country and the world benefitted from it.
In the last decade the major ports capacity has doubled and the turnaround time for containers has come down to 24hrs from 42 hrs in 2014, thousands of the roads have been built for better port connectivity, Modi said pointing out that employment generation and the ease of living are the primary drivers for these efforts.
Ports for Prosperity and Ports of Progress are a vision for the government, Modi said, adding that the mantra id to Make In India and make for the world. without specifying the timeline, Modi said that government will be developing shipbuilding and repair centres in many places in the country. Building the indigenous aircraft carrier INS Viraat is the testament to the country’s capabilities, he added.
Ship-Leasing Domain
Four global ship leasing companies have registered with the GIFT-IFSC, Modi said exhorting many more entities in the ship leasing trade to set up a presence in India’s only leading IFSC in the state of Gujarat. He said India’s large coastline, strong maritime and riverine ecosystem and rich cultural heritage created great possibilities for maritime tourism.
A cruise terminal is being built in the financial capital, while similar facilities have come up in Vishakhapatnam and Chennai, he said. Terming the 5,000-year-old Lothal dockyard as the cradle of shipping, Modi said at a National Maritime Heritage complex is also coming at the site in Gujarat and noted that the country’s biggest river cruise service to promote maritime tourism
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