On the occasion of the Sustainable Blue Economy Conference underway in Kenya, India’s Union Minister for Shipping Shri Nitin Gadkari highlighted the importance of Blue Economy for India’s economic development. The conference is being organized by Kenya, with Canada and Japan as co-hosts.
Shri Gadkari said India has a strategic location in the Indian Ocean region, and on this basis, it endorses the growth of the Blue Economy in a sustainable, inclusive and people centred manner through the framework of the Indian Ocean Rim Association (IORA).
India is currently at the process of developing its maritime infrastructure as well as its inland waterways and coastal shipping through the ‘Sagarmala Programme’ which aims to revolutionize maritime logistics and port led developments in the country.
The Sagarmala programme has identified 600 plus projects entailing huge investment of around Rs 8 lakh crore (120 billion dollars) by the year 2020. This is expected to save the country nearly six billion dollars per annum in logistics costs besides creating 10 million new jobs and boosting port capacity by 800 Million Metric Tonne per Annum (MMTPA) to an overall 3500 MMTPA, he noted.
The Coastal Economic Zones (CEZs) are being developed under Sagarmala with a proposed investment of 150 Million dollars per location. The CEZs will become a microcosm of the blue economy wherein industries and townships that depend on the sea and contribute to global trade through sea connectivity are envisaged, the Minister explained.
In the meantime, an IMO side event at the Sustainable Blue Economy Conference has brought together experts in the maritime sector, trade and development, from the African Union, United Nations agencies, national governments, regional and international development agencies, development and financial institutions, maritime professionals and experts, civil societies, port authorities, port management associations, shipowner and fishing vessel owner organizations, as well as relevant universities, training institutions, relevant businesses and the private sector. The event, on “How States can leverage the Blue Economy into their national policies” was part of IMO’s on-going efforts to support a sustainable blue economy for Africa and beyond.
IMO Secretary-General Kitack Lim highlighted in his speech the need for “closer collaboration and communication to ensure the sustainable development of activities in our oceans”.
The importance of the world’s oceans for our collective future is undeniable…Realising the full potential of our oceans, and the growing ocean economy, will require responsible and sustainable approaches to its economic development and a strong collaboration and cooperation among all stakeholders.