GK Vasan, Union Minister of Shipping, addressing a seminar in Singapore
Indian shipping industry offers huge opportunities for Singapore based companies and investors to explore, Union Minister of Shipping, GK Vasan said. He was leading a 20-member strong Indian delegation to Singapore for participating in the seminar on ‘Port and Maritime Industry in India’. Vasan called upon the Singapore based companies to join as active partners in the massive infrastructure development programme, given the tremendous opportunities available in the Port and Maritime sector in India.
“I firmly believe that India and Singapore have tremendous scope for partnership in this sector including collaboration in the areas such as Port development, cruise shipping, bunkering and ship building, ship repair etc. The existing engagement though encouraging does not reflect the true potential,” he said.
Vasan highlighted the achievements of India and the investor friendly policy framework available in the country to promote foreign direct investment and private sector participation in the Port and Shipping sector. “The port sector in India has had a brilliant run in the last decade witnessing significant additions in capacity across the Indian coastline and cargo types. This has been possible on the back of an excellent Public Private Partnership Programme executed by the Government of India in the Port Sector, attracting significant investments from Indian as well as overseas port operators and investors. Current trade growth trends suggest that the Indian Port Sector would continue to require significant addition to capacity to meet future cargo handling demands across cargo types,” he added.
To provide a fillip to port development in the country, Vasan said, the Government of India had prepared the National Maritime Development Programme for the major ports. “Under the programme, Government has identified 276 port projects with an estimated investment of US$ 20.8 billion,” he added.
The event was jointly organised by the Confederation of Indian Industry (CII) and High Commission of India in Singapore on 27-28 September, 2010. More than two hundred top Corporates from the Shipping industry and investors from Singapore participated in the meet.
The delegation visited the PSA Container Terminal in Singapore port. Vasan also called on the Minister in the Prime Minister’s Office and Second Minister for Finance and Transport of Singapore, Mrs. Lim Hwee Hua and discussed issues of mutual interest relating to the Shipping industry. The high powered delegation included Director General of CII, Chandrajit Banerjee and Secretary (Shipping) Mohandas among others.
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