India and US agree to enhance cooperation in port development
July 19, 2016
Indian officials said American Ports have evinced a keen interest in a comprehensive port-led development, especially the ambitious Sagarmala program, as the Union Road Transport and Highways Minister Nitin Gadkari concluded his week-long trip.
During his meeting with officials, Gadkari explored joint venture opportunities with India’s flagship container handling Jawaharlal Nehru Port (JNPT) to promote transfer of technology.
The Union Minister offered investment opportunities in building and developing new ports, construction of new berths/terminals in existing ports, coastal economic zones, dredging, ship building, ship repairing, ship recycling, development of inland waterways and coastal and cruise shipping, he said.
The Sagarmala project with 150 projects have potential of mobilising $50-60 Billion of infrastructure investment and another $100 Billion worth of promoting industrial growth.
Gadkari said, the government has agreed to support maritime clusters for ancillary industrial support and design centres, as well as financial assistance to meet the challenge of lack of competitive advantage due to heavy subsidies provided by major shipbuilding countries to their shipbuilding industry.