VARANASI : The Ministry of Ports, Shipping and Waterways (MoPSW) announced a roadshow in Varanasi, paving the way for the highly-anticipated 3rd Global Maritime India Summit 2023 (GMIS). The event is scheduled on Monday at the Trade Facilitation Centre (TFC) here to bring together government officials, bureaucrats, industry players to discuss and deliberate on various facets of maritime infrastructure, trade, and development.The Union Minister of Ports, Shipping and Waterways and Ministry of Ayush Shri Sarbananda Sonowal will grace the occasion, joined by representatives from Governments of Uttar Pradesh, Bihar, Jharkhand and West Bengal.Anchored by the Inland Waterways Authority of India (IWAI), the Varanasi roadshow will be a platform to explore the maritime sector’s growth, foster collaboration and unlock opportunities for stakeholders in this vital sector. The event is also expected to witness presence of Prakash Jwala, Minister, Ministry of Physical Infrastructure & Transport, Nepal,  Daya Shankar Singh, Minister of Transport, Govt of UP, Lakko Venkateshwarlu, Principal Secretary, Transport, Govt of UP, Kripa Nand Jha, Secretary (Transport), Government of Jharkhand, Dr Saumitra Mohan, Secretary (Transport), Government of West Bengal, and Sanjay Kumar Agarwal, Secretary (Transport), Government of Bihar.Sarbananda Sonowal expressed his enthusiasm for the roadshow by stating, “With an unwavering commitment to fortify our logistics framework and the visionary leadership of Prime Minister Shri Narendra Modi, India is poised for remarkable transformation.” He further added, “Our focus on waterways, from the Gati Shakti Initiative to the ambitious Jal Marg Vikas Project, signifies a resolute dedication to unlocking the vast potential of our maritime sector. This transformative era is not only about strengthening our industry but also about embracing sustainability and environmental stewardship. The GMIS-2023 is where these aspirations will converge, partnerships will flourish, and our shared vision will materialise.” Sanjay Bandopadhyay, IWAI Chairman, stated, “As we look ahead to the GMIS-2023, we envision a future where waterways are not just lifelines but also the catalysts for sustainable growth, innovation, and prosperity. Our commitment to harnessing the potential of waterways goes beyond mere trade; it is about building a future where hinterland communities thrive, where environmental preservation and cultural heritage are safeguarded, and where economic opportunities abound.” He further added, “At the GMIS-2023, we will converge to explore groundbreaking ideas, forge collaborations and chart a course towards a brighter future. Together, we will create a legacy that transcends generations, one that defines a new era of waterway development in India and beyond. Join us on this transformative journey, and let’s shape a future where waterways are not just a source of life and culture but also the driving force behind a thriving and sustainable nation.”GMIS-2023 is a premier maritime sector focused event to bring together pivotal figures from the industry to explore opportunities, understand challenges, and stimulate investment within India’s maritime sector. Building upon the legacy of its preceding editions of 2016 and 2021, this third edition of the summit aims to unveil broader prospects for domestic and international maritime stakeholders and investors. More than 100 countries and several delegates from them are expected to participate in the Summit with exhibitors and investors from various domains of the maritime sector.Copryright © 2023, By India Shipping News | All Rights Reserved.

Ports, Shipping and Aviation Minister Nimal Siripala de Silva said that Sri Lanka will participate in the 2023 Global Maritime Summit, which will be held in Mumbai, India, from October 17 to 19.The Minister said this during a conference organized by the Indian High Commission to inform the Sri Lankan business community and stakeholders engaged in the Naval and maritime sector about the ‘2023 Global Maritime Summit’, at the Taj Samudra Hotel in Colombo on Saturday (23).He said that the Summit is the best opportunity to resolve the issues affecting Sri Lanka in the global maritime sector. The Sri Lankan Government also thanked Indian Prime Minister Narendra Modi and the Government of India for this opportunity.The Minister said that as a country located in the Indian Ocean, Sri Lanka is showing successful progress in the field of merchant shipping and that special security measures should be implemented for the ships that use the Indian Ocean region, for which Sri Lanka will take steps to submit a series of proposals to the conference.Indian High Commissioner Gopal Baglay also expressed his views at the event and the Secretary of the Ports, Shipping and Waterways Ministry of the Government of India T.K. Ramachandran and others spoke about the forthcoming Global Maritime Summit through Zoom.Save my name, email, and website in this browser for the next time I comment. Sri Lanka’s most Trusted and Innovative media services provider@2023 – All Right Reserved. Designed and Developed by Lakehouse IT

NEW DELHI : India expects to sign investment pacts worth ₹10 trillion during the Global Maritime India Summit in Mumbai slated for 17-19 October, Union minister for ports, shipping and waterways Sarbananda Sonowal said. In an interview, Sonowal said India is in talks with Russia to operationalize the recently proposed route of Chennai to Vladivostok, potentially reducing the maritime journey between the two countries to a mere 12 days. The development will facilitate trade between the two countries by providing a faster and cheaper way to transport oil. Edited excerpts: The Global Maritime India Summit 2023 is a pivotal event on the maritime calendar, and it holds immense significance for India and the world. For India, it is an opportunity to showcase our remarkable progress and potential in the maritime domain. The summit not only fosters collaboration and knowledge-sharing but also attracts investments and partnerships. It’s a chance for us to attract global players to invest in our ports, shipbuilding, maritime logistics and other related sectors. We aim to position India as a preferred destination for maritime trade, innovation, and investment. India presents a vast canvas of opportunities for global investment in its maritime sector. To strengthen and modernize this crucial domain, India seeks investments across various key areas. Firstly, port infrastructure development stands out as a prime avenue. India’s major ports require significant expansion and modernization to handle larger vessels and increasing cargo volumes. Foreign investment in port infrastructure can enhance efficiency, reduce turnaround times, and ultimately contribute to smoother international trade operations. Secondly, the development of inland waterways is another area ripe for global investment. Additionally, investments in shipbuilding technology, such as eco-friendly vessels and digital solutions, would be welcome as India strives to become a global hub for green shipbuilding and maritime innovation. An investment commitment of up to ₹10 trillion is expected to span across ports development and modernization, shipping, inland waterways, technology and innovation, green shipping, tourism, education, skilling, etc. Previous editions of the summit have witnessed over 600 memorandums of understanding worth ₹4.5 trillion collectively across both editions (2016 and 2021) and have translated into several successfully executed projects. The upcoming 2023 edition is poised to far surpass the previous editions. Talks are underway. Russia and India are trying to operationalize the Chennai to Vladivostok route, the shortest route. Talks have not been completed yet; discussions took place at the (recent) Eastern Economic Forum. To materialize this particular waterway, a very important workshop is going to be held in Chennai from 30 October to 1 November. In this workshop, leading players of the maritime industry will take part. There will be discussions in detail...which cargo would come from there and what would go from here, what would be economically viable, all these will be discussed in detail. We hope that after the discussions in a very short time, the route will be opened. We can cover Chennai to Vladivostok in 12 days. Currently, it takes a ship 40 days to come from St. Petersburg to Mumbai via the Baltic. Policy changes or regulatory reforms are always variable in nature as per the ministry’s requirement. The Indian maritime industry has been a crucial pillar of our nation’s economy, facilitating trade, commerce, and connectivity with the rest of the world. However, to maintain and improve its competitiveness, it will continue to adapt to the changing global landscape, and this adaptation is strongly tied to the policies and regulations governing it. India’s ambitious “Maritime India Vision 2030" aims to transform the nation into a leading global maritime power. This visionary plan focuses on several key areas, including infrastructural and policy reforms, which are vital for competitiveness. Streamlining processes for ship registration, customs clearance, and cargo handling have made Indian ports attractive and future policies aligned to this objective will continue to support Indian ports by attracting more global shippers and investors. Environmental sustainability is a global priority. Policies encouraging the adoption of cleaner fuels and technologies align with international trends and can enhance India’s reputation as a responsible maritime player. Further, India has been actively engaging in bilateral and multilateral agreements and strengthening these agreements will provide Indian maritime businesses with increased access to international markets. The India Middle East Europe Economic Corridor is a transnational rail and shipping route spread across two continents and is expected to stimulate economic development through improved connectivity and economic integration between Asia, the Arabian Gulf and Europe. The corridor holds significant potential to improve trade accessibility in India, thus contributing to economic growth. It will give India a more efficient trade route to access markets in Europe, Asia and the Arabian Gulf. As trade volumes along the route grow, there will be a higher demand for logistics and transportation services, including trucking, warehousing, and port operations. To accommodate the expected increase in cargo traffic along this route, Indian ports will need to expand and modernize their facilities. This is essential to ensure efficient cargo movement and reduce transportation costs along this corridor. Secondly, international cooperation is crucial. India actively engages in diplomatic efforts to forge partnerships and agreements with Middle East and European countries and other relevant stakeholders. The success of these maritime initiatives will depend on a combination of strategic investments, international collaborations, and the adoption of advanced technologies, all aimed at fostering seamless connectivity and trade between India, the Middle East, Europe, and other regions."Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here! Download the Mint app and read premium storiesLog in to our website to save your bookmarks. It'll just take a moment.You are just one step away from creating your watchlist!Oops! Looks like you have exceeded the limit to bookmark the image. 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