Goyal discusses opportunities in Indian shipping sector with Singapore

Paris: Commerce and Industry Minister Piyush Goyal on Tuesday held a meeting with Singapore's Deputy Prime Minister Gan Kim Yong and discussed ways to boost economic ties and huge opportunities in the Indian shipping sector.

Goyal is here on an official visit to meet French leaders and businesses to host trade and investments between the two countries.

In the last three-days, the minister has held a series of meetings with top CEOs and ministers, including International Energy Agency ED Fatih Birol, Nigeria's trade minister Jumoke Oduwole, French minister of economy and finance Eric Lombard, automotive supplier company Valeo Group CEO Christophe Perilat, and L'Oreal Groupe CEO Nicolas Hieronimus and highlighted huge investment opportunities in India.

Goyal, in a post on X, said that he held a meeting with Gan Kim Yong, Singapore's Deputy Prime Minister and Minister for Trade and Industry.

"Discussed enhancing our bilateral trade & investment ties. Also, highlighted the tremendous opportunities India offers across various sectors, especially in the shipping sector," he said.

Discussions on the shipping sector assume significance as India is key to promote growth in this segment, as it will help boost trade and cut transportation costs for businesses.

Indian exporters faced several challenges during the Red Sea crisis, with freight rates surging sharply due to high charges imposed by foreign shipping lines.

The Union Budget has placed strong impetus to realise the huge potential of India's shipping sector. The Budget proposed to set up the Maritime Development Fund (MDF) to support India's Maritime sector by providing financial assistance, via equity or debt securities. This fund will directly benefit financing for ship acquisition.

It aims at boosting Indian flagged ships' share in the global cargo volume up to 20 per cent by 2047.

Further, the indigenous fleet will reduce the dependability of foreign ships, improve the Balance of Payment and secure the Strategic interests of the country. By 2030, MDF is aiming at generating up to Rs 1.5 lakh crore investment in the shipping sector.