Prime Minister Narendra Modi said on Tuesday that the India-Middle East-Europe Economic Corridor has a chance to “transform” the global maritime industry and invited investors to partner with the country to participate in the initiative.
Speaking at the opening of India’s Third World Maritime Summit (GIMS) via video link, Modi said India is capable of forging a historic consensus at the G20 for the IMEEC, adding that the initiative would prove to be a catalyst in terms of prosperity – the same as the Silk Road a few centuries ago.
“The show has prospects for the global maritime industry,” he said, adding that the initiative announced at the G20 assembly in New Delhi earlier this year would lead to positive adjustments in global and regional trade.
“For investors, this is an opportunity to partner with India and participate in those efforts (to make the show a reality),” he added.
Modi said the hall addresses a number of progression initiatives, adding the structure of next-generation megaports, foreign container transshipment ports, island progression, inland waterways and the expansion of multimodal hubs.
IMEEC will reduce trade prices by making logistics more efficient, reduce environmental damage and create many jobs, Modi said in his speech at the summit, which is attended by delegates from more than 70 countries.
The Prime Minister said that the global order is transforming after Covid and the whole world is looking to India with new aspirations. He added that the national economy continues to become the third largest economy in the country.
Very few countries are fortunate enough to take advantage of development, demographics, democracy and demand, Modi said, inviting global investors to be part of India’s expansion journey, in which the country aims to join the league of “developed” nations within 25 years. .
Modi said his government has been fighting for the maritime sector for the past 9 or 10 years, adding that whenever India’s maritime functions have been strong in history, the country and the world have benefited.
In the past decade, the time of major ports has doubled, container processing times have been reduced to 24 hours from 42 hours in 2014, thousands of kilometers of roads have been built for greater port connectivity, Modi said, highlighting task creation and ease of living. they are the main drivers of those efforts.
“Ports for Prosperity” and “Ports for Progress” are part of the government, Modi said, adding that the mantra is “Make in India. . . do for the world. “
Without specifying a timetable, Modi said he would expand shipbuilding and repair centers at many centers across the country.
The structure of the aircraft carrier INR Virat is a testament to the country’s capabilities, he added.
Four global shipping leasing corporations have registered with GIFT-IFSC, Modi said, urging more entities in the shipping leasing industry to identify a presence at India’s IFSC in Gujarat.
He said India’s vast coastline, strong river ecosystem and cultural heritage create wonderful opportunities for maritime tourism. A cruise terminal is being built in the monetary capital, while similar services have been established in Visakhapatnam and Chennai, he said.
Calling the 5,000-year-old Lothal shipyard the “cradle of shipping,” Modi said a national maritime heritage would also be built on the Gujarat site.
He noted that the country has introduced the world’s largest river cruise service to promote maritime tourism.
(This story has not been edited through Devdiscourse and is automatically generated from a syndicated feed. )