The government is expected to sign agreements worth over Rs. 72,000 crore with private players on port-related projects at the Indian Maritime Summit to be held in Mumbai next month. The Ministry of Shipping has identified 109 projects worth Rs.72,864 crore on which agreements will be signed during the event to be held from April 14-16. South Korea will be the partner country for the Summit, Road Transport, Highways and Shipping Minister Nitin Gadkari said.
The sectors identified for investment include ship-building, ship repair and recycling, port modernisation, new port development and multi-model logistic hubs among others. Mr. Gadkari said, in addition, more than 150 projects will be showcased for investment under the Sagarmala Project for port modernisation. Prime Minister Narendra Modi will inaugurate the summit on April 14.
We are planning to create 40 lakh direct employment and 50 lakh indirect employment (opportunities) in five years in the maritime sector, Mr. Gadkari said.