PM Modi to inaugurate Maritime India Summit 2023; MoUs worth ₹7.18 lakh cr lined up

Prime Minister Narendra Modi will inaugurate the third edition of Global Maritime India Summit 2023 in Mumbai. A total of 316 memorandum of understanding (MoUs) amounting to more than ₹7.18 lakh crore are lined up to be finalised during the event.

“This is a landmark event, not just for India, but for the global maritime community. The discussions initiated here will significantly influence maritime policies and strategies worldwide,” says Sarbananda Sonowal, union minister for ports, shipping & waterways.

“The summit will focus on key areas of the maritime sector with sessions and discussions around ports of the future; decarbonisation; coastal shipping & IWT; shipbuilding; repair and recycling; finance, insurance & arbitration; maritime clusters; innovation & technology; maritime safety and security; and maritime tourism, among others,” said a ministry of ports and shipping statement says.

Maharashtra CM Eknath Shinde, and Goa CM Pramod Sawant will be present in the inaugural session, which is also set to witness the participation of ministers from twelve countries, including Armenia, Bangladesh, Belarus, Comoros, Iran, Italy, Sri Lanka, Tanzania, Turkmenistan, Uzbekistan, Spain, and Nepal, according to the release. “In addition, 16 State ministers and Lieutenant Governors from 11 Indian States and Union Territories will be present.

According to the ministry, this summit will serve as a platform to unveil 'Amrit Kaal Vision 2047,' -- a 25-year blueprint for the Indian maritime blue economy. “The plan outlines strategic initiatives aimed at enhancing port facilities, promoting sustainable practices, and facilitating international collaboration. Projects worth ₹23,364 crores will be inaugurated, or foundation stones will be laid during the summit to align with this vision,” the release says.

“Over 3,000 registered delegates, including 31 leading Global CEOs, will participate in discussions. Investment-wise, the event will see the execution of 316 MoUs amounting to more than ₹7.18 lakh crores, with 86 investable projects worth around ₹1.7 lakh crores showcased,” the release says.

A comprehensive exhibition with 150 exhibitors and an expansive conference schedule featuring 31 sessions, including technical discussions, state sessions, and international round tables, will offer in-depth insight into the future of the maritime industry.