Maritime summit to showcase projects worth Rs1,20,000 crore

The Maritime India Summit, to be held in Mumbai from 14-16 April 2016, will showcase projects in the ports and shipping sector, involving investments of Rs1,20,000 crore, before potential investors, union minister of shipping, road transport and highways Nitin Gadkari has said.

Talking to newspersons in New Delhi on Thursday on the occasion of media launch of Maritime India Summit, 2016, the minister said the focus of the government is on creating more jobs in the maritime sector.

Ten million jobs – 4 million direct and 6 million indirect - have been identified to be created in 27 port based industrial clusters, coastal shipping and inland waterways under Sagarmala project, he added.

The minister underlined the need to increase exports to improve manufacturing.

The minister pointed out that the high cost of logistics in India, which is currently about 18 per cent, can be brought down by developing coastal shipping and inland waterways. The transportation cost can be substantially reduced, which will in turn reduce logistics cost and make our products more cost effective, he said.

Giving details of major initiatives taken by the government to develop the maritime sector, Gadkari said new ports have been announced at Wadhavan, Enayam (near Colachel) and Sagar with investment of Rs20,157 crore.

In addition 27 projects with investment of Rs12,696 crore, adding capacity of 116 MTPA have been awarded in 2015-16, which include JNPT road connectivity (Rs2,787 cr), Paradip mechanisation of coal berths (Rs1,633 cr) , Mumbai 5th oil berth (Rs811 cr), Kandla container terminal (Rs263 cr), Kolkata FSRU (Rs3,500 cr), Ennore capital dredging (Rs425 cr), Paradip LPG Terminal (Rs690 cr), New Mangalore mechanisation (Rs470 cr), Goa dredging (Rs194 cr).

The minister said 15 projects with investment of Rs6,879 crore are to be awarded before 31 March 2016, which include Goa conversion of iron ore berths to multipurpose berths in Mormugao Port (Rs1,100 cr), Ennore oil terminal (Rs700 cr), Ennore capital dredging (Rs600 cr), Haldia floating POL facility (Rs460 cr), Mumbai FSRU (Rs2,740).

He said 32 projects with investment of Rs4,351 crore and capacity of 70 MTPA have been completed in 2015-16 while 46 projects with investment of Rs28,040 crore with capacity of 307 MTPA are under implementation.

Speaking on the occasion, secretary in the shipping minister Rajive Kumar said the media launch marks the beginning of a month long campaign to publicise the event nationally and internationally through print, electronic and outdoor media. The objective is to attract potential investment in the rapidly transforming maritime sector.

The shipping ministry had earlier organized MIS 2016 roadshows in Kolkata, Chennai, Hyderabad and Ahmedabad to highlight the growth potential of the maritime sector. The official website of the Summit, www.maritimeinvest.in, was also launched at Mumbai on 17 February 2016 during the Make in India Week. The minister had also held a meeting with the ambassadors of all maritime nations, seeking their active participation in the summit and urging them to spread work about the event in their respective nations.

The Republic of Korea is participating in MIS 2016 as a partner country in the maiden flagship initiative of the shipping ministry, which aims to provide a unique platform for participants to explore potential business opportunities in the maritime sector.

It is expected that a large number of foreign delegates especially from the maritime nations such as South Korea, Norway, Singapore, UAE, UK, France and EU will attend the summit.

It will showcase exciting investment opportunities in the sector, including shipbuilding, ship repair and ship recycling, port modernisation and new port development, port-based industrial development, port-based smart cities and maritime cluster development, hinterland connectivity projects and multi-modal logistics hubs, inland waterways and coastal shipping for cargo and passenger movement, dredging, lighthouse tourism and cruise shipping and renewable energy projects in ports.

An exhibition along with exclusive demo sessions will showcase the latest technology, products and services as well as help disseminate knowledge about the latest development in maritime sector.

The event will also provide a platform for leading global maritime organisations to explore business opportunities and create awareness amongst stakeholders about the emerging trends and opportunities in the maritime sector.