 "Shipping Ministry to hold three-day maritime summit in Mumbai")
In an effort to boost port-led development in the country, Ministry of Shipping is hosting a three-day maritime event here in Mumbai between April 14-16.
With South Korea as its partner country for this summit, the ministry plans to offer projects worth $19 billion for investment.
"Currently, the logistics cost in India is high at about 18% making it difficult for the country to be competitive in the global market. This summit is aimed at lowering the logistics cost via investing in the sector to develop key infrastructure," said union minister of shipping and ports Nitin Gadkari.
About 57 countries are expected to participate in this summit out of which 20 countries have already confirmed their presence.
The summit will showcase shipbuilding, ship repair and ship recycling aspects and also discuss dredging and inland waterways transportation as investment opportunities at this summit.