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Projects worth Rs 1.2 lakh crore to be showcased before potential investors at Maritime India Summit 2016: Nitin Gadkari

Capital Market 

15 projects with investment of Rs 6879 crore are to be awarded before 31 March 2016

Union Minister of Shipping, Road Transport & Highways has said that projects in the ports and shipping sector, worth an investment of Rs 1,20,000 crore will be showcased before potential investors at the Maritime Summit to be held in Mumbai from 14-16 April 2016. The Minister said that the focus of the Government is on creating more jobs in the maritime sector. He added that one crore jobs - 40 lakh direct and 60 lakh indirect -have been identified to be created in 27 port based industrial clusters, coastal shipping and inland waterways under Sagarmala project.

The Minister underlined that in order to improve manufacturing, there is need to increase exports. While expressing concern over high cost of logistics in which is currently about 18%, the Minister said that by developing coastal shipping and inland waterways, the transportation cost can be substantially reduced which will reduce logistics cost and make our products more cost effective.

gave details of major initiatives taken by the Government to develop the maritime sector. He said new ports have been announced at Wadhavan, Enayam (near Colachel) and Sagar with investment of Rs 20,157 crore. In addition 27 projects with investment of Rs 12,696 crore, adding capacity of 116 MTPA have been awarded in 2015-16 which include JNPT road connectivity (Rs 2,787 crore) , Paradip mechanisation of coal berths (Rs 1633 crore), Mumbai 5th oil berth (Rs 811 crore) , Kandla container terminal (Rs 263 crore), Kolkata FSRU (Rs 3500 crore), Ennore capital dredging (Rs 425 crore), Paradip LPG Terminal (Rs 690 crore), New Mangalore mechanization (Rs 470 crore), Goa dredging (Rs 194 crore).

The Minister informed that 15 projects with investment of Rs 6879 crore are to be awarded before 31 March 2016 which include Goa conversion of iron ore berths to multipurpose berths in Mormugao Port (Rs 1100 crore), Ennore oil terminal (Rs 700 crore), Ennore capital dredging (Rs 600 crore), Haldia floating POL facility (Rs 460 crore), Mumbai FSRU (Rs 2740). He said 32 projects with investment of Rs 4351 crore and capacity of 70 MTPA have been completed in 2015-16 while 46 projects with investment of Rs 28,040 crore with capacity of 307 MTPA are under implementation.

Speaking on the occasion Secretary, Shipping Rajive Kumar gave details of the Summit which is scheduled in Mumbai. The media launch marks the beginning of a month long campaign to publicize the event nationally and internationally through print, electronic and outdoor media. The objective is to attract potential investment in the rapidly transforming maritime sector.

Prior to today's media launch, the Ministry of Shipping had 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 17th February 2016 during the Make in Week. The Minister has 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.

This maiden flagship initiative of the Shipping Ministry aims to provide a unique platform for participants to explore potential business opportunities in the maritime sector. It will showcase exciting investment opportunities in the sector including Shipbuilding, Ship Repair and Ship Recycling, Port Modernization 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. 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.

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