New Delhi [India], June 3 : India and Singapore discussed the tremendous opportunities it offers in the shipping sector on Tuesday.
The discussion took place between Union Commerce and Industry Minister Piyush Goyal and Singapore's Deputy Prime Minister & Minister for Trade and Industry Gan Kim Yong, who discussed investments and bilateral ties in Paris.
During the meeting, Goyal underlined India's huge prospects in various sectors, especially the shipping sector.
In a post on social media platform X, Goyal added, "Met H.E. Mr. Gan Kim Yong, Singapore's Deputy Prime Minister and Minister for Trade and Industry @MTI_Sg. Discussed enhancing our bilateral trade & investment ties. Also, highlighted the tremendous opportunities India offers across various sectors, especially in the shipping sector."
The Union Budget has placed strong impetus on realising the huge potential of India's shipping sector. The forward-looking document aims at further enabling India's shipbuilding industry with spurring & innovative initiatives to drive investment, generate income for the economy, train and employ human capital and create value for the future of the country.
The Union Budget proposes to set up the Maritime Development Fund (MDF) to support India's Maritime sector by providing financial assistance, via equity or debt securities. The initial corpus of the fund is pegged at Rs 25,000 crores, where the Government contribution will be 49 per cent.
The remaining balance will be contributed by Major port authorities, other government entities, Central PSEs, Financial Institutions, as well as the private sector.
This fund will directly benefit from financing for ship acquisition. It aims at boosting Indian flagged ships' share in the global cargo volume up to 20 per cent by 2047. Further, the indigenous fleet will reduce the dependability of foreign ships, improve the Balance of Payment and secure the Strategic interests of the country. By 2030, MDF is aiming at generating up to Rs 1.5 lakh crore investment in the shipping sector.
Goyal commenced his three-day official visit to France on Sunday. This visit is part of his ongoing visit to France and Italy from June 1 to 5.
During his engagements in France, Goyal held bilateral meetings with key French Ministers, including Eric Lombard, Minister of Economy, and Laurent Saint-Martin, French Trade Minister. These discussions are focused on strengthening the Indo-French economic partnership and exploring new avenues for enhancing trade and investment cooperation.
As part of the high-level visit, a comprehensive agenda of strategic business meetings and engagements has been scheduled with the top leadership of major French companies such as Vicat, Total Energies, L'Oreal, Renault, Valeo, EDF, and ATR.
The visit includes the India-France Business Round Table and the India-France CEO Forum. These platforms will foster dialogue between leading industry stakeholders from both countries.
In addition, the minister will participate in the informal gathering of WTO ministers at the margins of the OECD Ministerial Council Meeting. He will engage with global counterparts at this crucial forum on key multilateral trade issues and present India's priorities and perspectives.
During his visit, Goyal will hold a series of high-level bilateral meetings with key international partners.
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