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India welcomes Germany to invest in shipping sector

India welcomes Germany to invest in shipping sector

During his talks with a high-level German delegation, Union Shipping Minister GK Vasan asked German firms to invest in the shipping sector.

Recently, a delegation led by Parliamentary State Secretary of the German Federal Ministry of Economics and Technology, Hans-Joachim Otto called on Vasan.

Noting that India was emerging as a logistics hub and cruise destination, Vasan expressed hope that 100 per cent FDI in the shipping sector would facilitate German companies to invest in maritime sector.

Otto said Germany has expertise in ship building which could be utilised in India through mutual cooperation. He also requested for India’s cooperation in combating piracy.

The delegation noted that Cochin Shipyard and other Indian shipyards can utilise the ship engines and spares produced by Germany. This would facilitate the country in achieving the ambitious Maritime Agenda 2010-2020.

Shipping Secretary PK Sinha said that an agreement between India and Germany on Maritime Transport Relations signed in 1966 was still in force and could be updated by extending the possible areas of cooperation in order to meet the present needs of both the countries in the maritime sector.

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