‘IMEEC Can Transform Picture of Global Trade’


Modi reiterated that investors have a great opportunity to become part of this campaign and join India…reports Asian Lite News

Prime Minister Narendra Modi on Tuesday inaugurated the third edition of the Global Maritime India Summit 2023 in Mumbai via video conferencing, where he also unveiled a blueprint for the maritime blue economy till 2047.

In line with this futuristic plan, the Prime Minister dedicated to the nation and laid the foundation stone for projects worth more than Rs 23,000 crore that are aligned with the maritime blueprint.

He underlined the transformative impact of the G20 consensus on the proposed India-Middle East Europe Economic Corridor and said that as the Silk Route of the past changed the economy of many countries, this corridor, too, would transform the picture of global trade.

Modi said that the next generation mega port, international container trans-shipment port, island development, inland waterways, and multi-modal hub will be undertaken under this, leading to a reduction in business cost and environmental degradation. It will also improve logistical efficiency and create jobs.

He reiterated that investors have a great opportunity to become part of this campaign and join India.

Modi reiterated that the India of today is working to fulfill the resolve of becoming a developed nation in the next 25 years.

He underlined that the government was bringing about revolutionary changes in every sector and mentioned the work done to strengthen the maritime sector.

In the last decade, the capacity of major ports in India has doubled, and turnaround time for big vessels has come down to less than 24 hours as compared to 42 hours in 2014, Modi informed.

He also mentioned the construction of new roads to increase port connectivity and touched upon the Sagarmala Project to strengthen coastal infrastructure.

These efforts, he said, are increasing employment opportunities and the ease of living manifold.

Modi said that the government is taking major steps to enhance economic productivity by making the logistics sector more efficient and effective. He underlined that coastal shipping modes are also being modernised in India and informed that the coastal cargo traffic has doubled in the last decade, thereby providing a cost-effective logistic option for the people.

Regarding the development of inland waterways in India, the Prime Minister said that cargo handling of national waterways grew four times.

He also mentioned India’s improvement in the Logistics Performance Index in the last nine years.

The Prime Minister laid the foundation stone of the Tuna Tekra all-weather deep draft terminal, to be built at a cost of more than Rs 4,500 crore at Deendayal Port Authority in Gujarat.

This state-of-the-art greenfield terminal will be developed in PPP mode. The terminal, which is likely to emerge as an international trade hub, will handle next-gen vessels exceeding 18,000 twenty-foot equivalent units (TEUs) and will act as a gateway for Indian trade via the India-Middle East-Europe Economic Corridor (IMEEC).

Modi also dedicated more than 300 MoUs worth more than Rs 7 lakh crore for global and national partnerships in the maritime sector.

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