Shipping Ministry’s 3-day summit

In an effort to boost port-led development in the country, Ministry of Shipping is hosting a three-day maritime event in Mumbai between April 14-16. With South Korea as its partner country for this summit, the ministry plans to offer projects worth $19 billion for investment. ‘Currently, the logistics cost in India is high at about 18 per cent making it difficult for the country to be competitive in the global market. This summit is also aimed at lowering logistics costs to 12 cent (same as Europe) via investments to develop key infrastructure,’ said Union Minister of Shipping and Ports, Nitin Gadkari. About 57 countries are expected to participate in this summit out of which 20 countries have already confirmed their presence. Gadkari added, ‘We would sign MoUs worth Rs.72,864 crore with private players for executing 109 projects during the summit.’ The summit will showcase shipbuilding, ship repair and ship recycling aspects and also discuss dredging and inland water-ways transportation as investment opportunities.