R ARIVANANTHAM
CHENNAI, JAN 25
Maritime sector in India is steadily progressing towards achieving the ‘Blue Economy 2047’ vision during ‘Amrit Kal’ set by Prime Minster Narendra Modi, said Sarbananda Sonowal, Union Minister for Ports, Shipping, Waterways and AYUSH here on Wednesday.
Addressing the media after inaugurating the ‘India-Russia Workshop on Operationalisation of the Eastern Maritime Corridor’, the minister said, “India is focused on the inclusive development, collaborations and private partnerships at domestic and global level to bring overall economic prosperity.”
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- The bilateral trade between India and Russia, which was around $10 billion, has quadrupled and reached $ 44.4 billion during the current financial year: said Union Shipping Minister
The bilateral trade between India and Russia, which was around $10 billion, has quadrupled and reached $ 44.4 billion during the current financial year, said Union Shipping Minister.
Addressing the India-Russia workshop on Operationalisation of Chennai-Vladivostok Eastern Maritime Corridor in Chennai. https://t.co/QJte8CzRtM
— Sarbananda Sonowal (Modi Ka Parivar) (@sarbanandsonwal) January 24, 2024
He highlighted the close cooperation regular interactions between both countries, not only at the highest levels of Prime Minister Narendara Modi and President of the Russian Federation Vladivostok Putin but also at the Ministerial and Official levels. Speaking about the Eastern Maritime Corridor, Sonowal highlighted immense savings in the transportation cost and shipment time. He shared his vision of making Indian Seafarers competent and trained to navigate the Arctics by training collaborations with Russia and promote icebreaker shipbuilding at Indian Shipyards.’’
India and Russia, both great seafaring nations share close and strong bonds across multiple sectors which is steadily growing under the leadership of Hon'ble PM Shri @narendramodi ji.
This workshop takes forward the vision of our Hon'ble PM and is a result of deliberations that… pic.twitter.com/z6EOIbUiBc
— Sarbananda Sonowal (Modi Ka Parivar) (@sarbanandsonwal) January 24, 2024
Answering queries, the minister said that the Eastern Maritime Corridor already under operation will shorter the sea route by 40 per cent and will take less than 18 days compared to the existing route with the length of 8,675 nautical miles (which takes 35 to 40 days) which passes through Suez Canal and other Choke Points, Sonowal added.
He further said the EMC is 5,600 nautical miles and does not involve any canal, ocean freight will be cheaper by more than 50% on account of less distance and no canal transit, increasing demand of minerals can partly be met from Russia while Russia can diversify its export market, EMC can act as an alternate shipping route and it will enhance connectivity in the Pacifics and give increased access to new regions, Sonowal said.
He also said that a a study conducted by Chennai Port has identified five commodities—coal, crude oil, LNG, fertilisers and containers— which will benefit India with the operationalisation of EMC.
“Energy, agriculture and manufacturing sectors will gain from reduced energy and logistics costs and improved export competitiveness. India is targeting 20 million metric tonnes per annum (MMTPA) of coking coal, 8 MMTPA of crude, 3 MMTPA of LNG, 1.5 MMTPA of fertilizers and 227, 725 TEUs of containers through EMC by the year 2042,” he said.
Earlier welcoming the Russian delegation (over 35 members), Sonowal thanked Indian delegates for their active participation in the workshop. Sonowal underlined Government of India’s vision to propel Indian Maritime Sector though modernization, connectivity enhancement, port-led industrialization, partnering with nations in innovation and research.
Anatoly Yuryevich Bobrakov, Deputy Minister for the Development of the Far East and the Artic of the Russian Federation, highlighted the benefits of the bi-lateral trade relations between India and Russia. He emphasized the absolute determination of the President of the Russian Federation, Vladimir Putin towards development of the Russian Far East throughout the entire 21st century.
He expressed his gratitude to the Chennai Port Authority, city of Chennai and India for a warm welcome. He mentioned an upcoming 9th Far Eastern Economic Forum scheduled to be held in September 2024 and invited Indian delegates to Russia for attending the same.
T.K. Ramachandran, Secretary to the Government of India for Ports, Shipping & Waterways, expressed gratitude to Russian Delegates for their active participation, greeted Indian delegates and applauded the efforts of Chennai Port Authority in organising the India-Russia workshop. He highlighted the benefits of this trade route and encouraged participants from both countries to take this dialogue forward and build strategic alliances and partnerships. Shri Ramachandran highlighted the importance given by Prime Minster of India, Shri Narendra Modi to enhance international trade relations of India.
The organizer of the Joint Workshop, Sunil Paliwal, Chairperson Chennai Port Authority & Chairman Kamarajar Port Limited, commended the efforts of the Government of India in establishing closer ties with the Russian Federation and stated that the Eastern Maritime Corridor will not only reduce shipping cost and time but also provide new avenues for business growth. He affirmed his commitment towards enabling dialogues between counties to operationalize Eastern Maritime Corridor.
Oleg Avdeev, Consul General of the Russian Federation in Chennai, Republic of India, emphasized that the decades long bilateral relationship between India and Russia is based on 3 pillars, viz. Continuity, Trust and Mutual Understanding. He highlighted that the proceedings of India – Russia Workshop will also help Tamil Nadu state in realizing its ambitious GDP goals through enhanced EXIM trade through the Eastern Maritime Corridor.
Earlier during the inaugural session, S. Viswanathan, Dy. Chairperson, Chennai Port Authority, welcomed Hon’ble Ministers, delegates and participants from both countries to the event and encouraged them to take advantage of this opportunity in operationalising the Eastern Maritime Corridor and enhancing trade relations in the Pacific.
