India has invited investors from the US to participate in the country’s port development plans and earn rich rewards. This invitation was extended by the Union Shipping Minister Shri G.K. Vasan when a business delegation from USA led by Undersecretary to the Government of the United States of America, Mr. Sanchez met him in Chennai today. Foreign Direct Investments in ports are permitted in India under the automatic route. USA is the second largest source of FDI inflows into India.
Recalling the maritime cooperation between India and the USA Sh. Vasan said, a Memorandum of Cooperation on Maritime Transport, Science and Technology between the two countries was signed during 2005. It covers a wide area of mutual interest including maritime safety and security, port management and technological developments related to the maritime sector. It also envisages cooperative arrangements between the US Merchant Marine Academy and the Indian Institute of Maritime Studies, which is now a constituent of the Indian Maritime University in the field of maritime training and education.
Stating that India train and educate more than 3,000 marine engineers every year on an average the Minister said, there was adequate scope for the Indian and American maritime training institutions to work in close collaboration to produce quality maritime human resource.