India and the Republic of Korea have signed a Memorandum of Understanding (MoU) for cooperation and mutual assistance in the development of ports, ahead of the Maritime India Summit to be held from 14 to 16 April being held in Mumbai.
The signing of the MoU is expected to help both countries encourage and facilitate the development of ports, port-related industry and maritime relationship, according to India’s Ministry of Shipping.
The Ministry believes that the signing of the agreement will also enable both countries to share technology and experience in the above-mentioned fields, as well as to exchange information on construction, building, engineering and related aspects in port development.
The event, being held with the aim of attracting potential investors to maritime sectors’ opportunities, gathers participants from 41 countries. The Republic of Korea as a partner of the summit is to have a special session focusing on potential areas of collaboration, the Ministry says.
The summit is to showcase projects covering sectors such as port development and modernization, shipbuilding, ship repair and ship breaking, inland water transportation, coastal shipping, lighthouse tourism and cruise shipping, hinterland connectivity and logistics handling facilities to the potential investors.
Apart from the MoU with South Korea, the summit’s two sessions on 14 and 15 April are planned for signing of over 120 business and concession agreements and EPC contracts that are worth over USD 12 bn. In addition, 20 Letters of Intent are being signed covering an investment of USD 1.3 bn.