APMB, VPA, DCIL eye big-ticket deals at GMIS

Visakhapatnam As the countdown for the three-day Global Maritime India Summit (GMIS) begins, tremendous enthusiasm prevails among the big players in the maritime sector for signing deals for joint ventures and collaborations.

Visakhapatnam Port Authority (VPA), which handled highest-ever cargo of 73.73 million tonne last fiscal and Dredging Corporation of India Limited (DCIL) have already envisaged signing MoUs involving an investment of respectively Rs 34,000 crore and Rs 12,000 crore respectively at the summit.

AP Maritime Board (APMB), which is developing four greenfield ports at Ramayapatnam, Mulapeta, Machilipatnam and Kakinada (gateway port) and 10 fishing harbours, is also making efforts to ink pacts for collaboration/financial participation. It has already allotted a captive jetty to JSW Steel at Mulapeta Port (erstwhile Bhavanapadu) in Srikakulam district.

The summit will focus on investment opportunities, government-to-government meetings, international collaborations, policy discussions and agreements, networking and business opportunities, innovation and technology showcase, and tapping the skilled workforce.

Union Minister for Ports, Shipping and Waterways (MoPSW), Sarbananda Sonowal, during his address at virtual roadshows organised as a prelude to GMIS by various key players, said the summit will offer a window of opportunities to all in the maritime sector.

He said India has emerged as the fifth largest economy in terms of GDP and the third largest in purchasing parity. He said their progress in the maritime sector is characterised by their path-breaking commitment of 100 per cent FDI through automatic routes.He added that India has a potential for investment of over Rs 10 lakh crore, equivalent to $12,000 million, they are keen on economic transformation that resonates within its borders and reverberates globally under the pragmatic stewardship of Prime Minister Narendra Modi. He also harped on the significance of the blue economy as rolled out a red carpet to investors to attend the GMIS.

He said, "As India works through the Amrit Kaal to become Atmanirbar Bharat, the role of the blue economy in propelling the growth story of India is immense."

The summit, being organised by the Ministry of Ports, Shipping and Waterways will showcase opportunities from shipbuilding to cruise tourism and maritime education. India has already signed MoUs with countries for maritime transport and cooperation. With over 7500-km coastline, India is among the largest maritime countries. Being part of the world's busiest trade route elevates the economic prowess of India's maritime sector as it ferries almost 95 per cent of its foreign trade and 70 per cent of value through sea routes. "We are expecting that with the second largest coastline of 973-km, Andhra Pradesh stands to benefit a lot from the domain experts and international firms and investors who will attend the three-day summit," VPA Chairman Dr Madhaiyan Angamuthu, told Bizz Buzz.

At a recent meeting organised by Dredging Corporation of India Ltd (DCIL), Cochin Shipyard Ltd Chairman-cum-Managing Director Madhu S Nair said they are happy to collaborate with DCIL and are looking forward to building the first dredger at CSL for the Visakhapatnam-based dredging company. DCIL Managing Director and CEO Capt. S Divakar said they will be signing MoUs envisaging an investment ofRs 12,000 crore.