India: Maritime sector to get investment promotion cell
In a bid to attract investment into the maritime sector and provide facilitation services to global firms seeking to invest in India, the Indian Ports Association (IPA), in association with Ficci and shipping ministry, is planning to set up an investment promotion and facilitation cell.
The shipping ministry’s target for the sector is Rs 2.77 lakh crore worth of investments between 2010 and 2020.
The proposed cell will render advice and facilitate investments into the sector and will undertake investor targeting exercise in select countries. The cell will also maintain a database of relevant stakeholders (government and corporate) in India and abroad, and disseminate information about the opportunities in the country at different fora to attract foreign investors.
It will work in close coordination with the Indian embassies abroad, foreign embassies in India, state governments, investment promotion agencies, sector-specific associations and chambers in India and abroad.
“The cell will identify and target investors in three focus countries in the first year and two additional countries in each subsequent years. In addition to this, it will establish networking with maritime associations and trade bodies in India and in the target countries,” said a person close to the development.
The cell will address investment-related queries and provide information on policy guidelines relating to port development, coastal shipping, shipbuilding and ship-repair, the person added. The cell will also participate in and make presentations at domestic events relevant to investment in maritime industry and also highlight opportunities in the sector to delegations visiting India.
Sources added the cell would plan investors’ tour itineraries, help organise investor visits to states and accompany select delegations on visits within India. “It will also assist the investor in scouting joint ventures and technical partners,” said a source.
Source: Business Standard