In a bid to transform the maritime sector in West Bengal, Union Shipping Minister Sarbananda Sonowal on Monday (August 14) announced that West Bengal has an investment opportunity of Rs 1 lakh crore in the port and logistics sector, adding that this investment will make the state a maritime hub of the country.
Sonowal made the statement while speaking at a roadshow organised by Syama Prasad Mookerjee Port for the coming Global Maritime India Summit. “Kolkata, with its rich maritime heritage and strategic location, plays a pivotal role in the maritime sector in enabling and empowering the eastern part of India,” Sonowal said.
The maritime sector is the “lifeline of the Indian economy, contributing more than 90 percent of EXIM cargo by volume and about 70 percent by value,” he added.
Unlock investment opportunities
The minister also expressed his confidence in the development and assured that this will garner greater interest from domestic and international investors in the 2023 edition of the Global Maritime India Summit.
The union minister said that they are expecting participation from over 100 countries in the ensuing event and a higher number of delegates than the previous edition of the summit in 2021. It may be noted that a total of 475 MoUs were signed worth Rs 3.5 lakh crore at the conference two years ago. The minister highlighted that 75 percent of the MoUs are “under implementation”.
The minister emphasized the importance of tapping into investment potentials within India’s maritime domain, both domestically and internationally.
He highlighted the fact that India has adopted a policy of allowing 100 percent foreign direct investment (FDI) through automatic routes for ventures related to the establishment and upkeep of ports and harbors.
PPP model extremely effective
While promoting the upcoming event, he mentioned how the partnership between the public and private sectors (PPP) has been a key driving force behind the growth of India’s ports.
At present, PPP-operated terminals are responsible for approximately half of the cargo operations at major ports, indicating their significant contribution to the sector’s development.
“West Bengal has the potential for an investment opportunity of Rs 1 lakh crore in the port and logistics sector and the state should take advantage of this opportunity. This will create huge employment and thus I call upon you to participate in this developmental journey,” Sonowal told the delegates.
(With PTI inputs)