Freight Corridor INSTC to Push Indo-Russian Trade to USD 30 Billion

The Maritime World Services (MWS), an outfit devoted to implement the “Make in India” programme of the Prime Minister Narendra Modi, is organizing a three-day international conference cum exhibition Maritime Nation India (MNI) beginning here on September 14, 2017 to highlight the global economic importance of the country’s 7-segments of maritime sector.

These seven segments are: Trade Lanes and Shipping, Ports/SEXs/CFSs/ICDs, Shipbuilding, Ship Repair and Ship Recycling, Multimodal Connectivity, Investment and Advisory for maritime and logistics ecosystem, Technology and Training and Cruise and Lighthouse Tourism infrastructure. This global meet would bring together the users, service providers and industry associations of the 7-segments of the Indian shipping and logistics ecosystems in a single platform set up by professionals. Nearly 200 delegates and 5000 visitors from all across the world are coming at the three-day trade show.

According to Mr. Subhasis Ghosh, the Director of Maritime World Services, likely to be inaugurated by the Union Shipping Minister and attended by the Maharashtra Chief Minister Devendra Phadnavis, will take up among others issues, the issue of International North-South Transport Corridor (INSTC). With the implementation of the INSTC, the volume of bilateral trade between India and Russia currently as low as USD 9.51 billion, is likely to jump to an impressive USD 30 billion annually.

The module of INSTC is going to be discussed threadbare on the concluding day of the MNI tradeshow and conference on September 16, 2017. The INSTC International Conference is supported by the Union Ministry of Commerce and conducted by the Federation of Freight Forwarders Association. The 7200 km long INSTC is getting developed as an alternative tradelane to the traditional freight corridor of Suez Canal that used to take freights to reach Russia and other Central Asian countries in a span of 45-60 days. The INSTC would take only 25-30 days and also reduce transport cost to USD 2500 per 15 tonnes.

The three-day long event is an initiative of the MWS to support the “Make in India” programme in all the 7-segments of shipping sector and support the Indian maritime and logistics ecosystem in global perspective. The Indian Navy also would showcase its initiatives for the “Make in India” programme at this event.

The MWS is launching a “Logistics Technology Startup Incubator” on September 15, 2017 in association with Hatch and Apex Group and Amplifi to promote and provide advisory services to those entrepreneurs who wants to plunge in the fast growing maritime and logistics sector. This is for the first time in the history of corporate-India that such a startup incubator is getting launched specifically for the business areas of maritime, logistics, shipping and ports.

The “incubated” startups would be provided with latest knowhow, technology support, market and financial services advisory and also promote promote them to participate in ship-building both for merchant navy and Indian Navy. This startup incubator will “hand-hold” the entrepreneurs in the 7-segments of shipping and maritime sector.

The event will see the international convergence of cargo handlers, terminal equipment manufacturing companies, offshore suppliers, shipping lanes, freight forwarders and overseas importers. It will be participated by major trade bodies of the world. This international exhibition and tradeshow will focus on the possibilities of collaboration between stakeholders of the seven segments of maritime sector.

The DG Shipping Malini Shankar is attending the event. Rear Admiral Sanjay Mahindru, NM, Flag Officer Commanding Maharashtra Naval Area of the Indian Navy will deliver the keynote address in the shipbuilding conference.

In a statement here, Mr. Ghosh said the Shipbuilders & Ship Repairers Association, the fastest growing marine trade association of UK, is participating in this mega business event. Support and active participation from Industry Associations include: Indian Merchants Chamber (IMC), Maharashtra Chamber of Commerce, Industry; Agriculture (MACCIA) , Navi Mumbai Chamber of Business and Industries (NMCBI), All-India Liquid Bulk Importers; Exporters Association (AILBIEA) and Institute of Marine Engineers (India).

The Brihanmumbai Custom House Agents’ Association (BCHAA), Association of Multimodal Transport of India (AMTOI), Indian Private Ports Terminals Association (IPPTA), Saurashtra Port Users Association, Shipyards Association of India (SAI), Travel Agents Federation of India (TAFI), Travel Agents Association of India (TAAI), Company of Master Mariners of India (CMMI) and The Federation of Freight Forwarding Associations of India (FFFAI) have also supported the event and participating in it.

The Shipbuilders; Ship Repairers Association (SSA); the UK’s fastest growing marine trade association, and the Sailors Society of UK are also attending the event. The Ministry of Shipping of Bangladesh is deputing its official to attend this conference.

The Maritime Nation India, as a platform, includes definite user participation because Indian Merchants Chamber is bringing exporters-importers at the venue of the event. These exporters and importers will create demand for shipping. There will be seafarers focus at the conference as the CMMI is holding a session on the seafarer competencies and immigration issues. The engineering focus will be given by the Indian Navy to encourage the participation of companies in naval ship building.