India will host maritime summit to strengthen global partnerships and unveil investment opportunities, and Korea is the first single-partner country.
India has concentrated efforts to industrialise its huge capacities, choosing marine sector as “a means of driving the country’s economic transformation and enhancing connections with the world,” according to Indian Ambassador Vikram Doraiswami.
Maritime India Summit 2016 will take place in Mumbai from Thursday to Saturday.
Event will explore into port-led development, ship repair, shipbuilding and recycling, shipping, dredging and logistics, hinterland connectivity, inland water transport, green energy, security, education and training, financing, island development, cruise and lighthouse tourism, marine food and aquaculture.
“Recognizing Korea’s leading capacity in the world in shipbuilding and maritime logistics, Korea became the first partner country for the summit,” Doraiswami said at a press conference.
“This was the result of meetings between PM Modi and President Park Geun-hye on in Myanmar in November 2014, and in Seoul in last May, as well as discussions between our foreign ministers in Seoul in December 2014.”
In each areas, the ambassador noted, foreign investment value would amount to $4 billion up to this year, $8 billion to $16 billion over the next three years and $35 billion in the next five years.
He added that the figures exclude coastal guards, naval and other defense sectors, which consist of bulk of marine construction and shipbuilding in India.
An outcome of agreement in maritime transport and logistics signed between the two leaders last year, the event will gather a Korean delegation of over 50 companies and government branches.
Institutions participating in event include the Ministry of Oceans and Fisheries, Ministry of Trade, Industry and Energy, Korea Polar Research Institute, Korean Register, Korea Institute of Ocean Science and Technology, Korea Institute of Marine Science and Technology Promotion, Korean Marine Environment Management
Corporation and Korea Research Institute of Ships and Ocean Engineering.
Cho Shin-hee, director general of the overseas fisheries and international policy bureau at the Ministry of Oceans and Fisheries, said several agreements have been signed over the years, following state visits of Park and Modi in 2014 and 2015.
“Politically, our two countries have become much closer through our strategic partnership, and policy-wise, the ‘Make in India’ initiative since 2014, which aims to shore up the economy through manufacturing, presents vast markets for Korean companies,” she said.
India has had a rich heritage of overseas trade with Asia and Africa, using ports of Tamralipta, Poompuhar, Muziris, Kozhikode and Dwarka, noted Parth Sharma, vice chairman of the Indian Chamber of Commerce in Korea. “Rivers were the lifelines of our economy, while ports acted as gateways to India for foreigners and foreign goods.”