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Shiiping Misnister G K Vasan woos Singapore firms for investment in Indian ports

New Delhi, Sep 29 (Calcutta Tube) India Tuesday invited Singaporean companies to participate in its port and shipping development programme as active partners.

‘As the Indian maritime sector is poised for a healthy growth complimenting the growth of the Indian economy, I urge you to participate closely in India’s port and shipping development programme as active partners,’ said Shipping Minister G.K. Vasan.

‘I am aware that several companies have invested in India’s ports, maritime and logistics sector and Singapore companies have also entered into joint ventures with Indian companies,’ said the minister, currently leading a 20-member delegation of officials and business leaders to Singapore.

‘I can assure you of all support from my government,’ he said, addressing a seminar on ‘Port and Maritime Industry in India’ in Singapore, organised jointly by the Confederation of Indian Industries (CII) and the High Commission of India in Singapore.

The Indian shipbuilding industry currently accounts for about one percent of the global shipbuilding market and is targeting a world share of five per cent by 2017.

‘The Indian shipbuilding industry is present in the medium and small vessel segments but the planned investments are targeting construction of larger and complex vessels.’

‘An investment of about $4 billion is envisaged in Indian shipyards in near future.’ he said.

Vasan also sought investment in dredging of ports. ‘The requirement for dredging in India is huge whereas the current available capacity is limited.’

‘I firmly believe that India and Singapore have tremendous scope for partnership in this sector including collaboration in the areas such as port development, cruise shipping, bunkering and ship building, ship repair etc,’ said Vasan.

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