India and Singapore Explore Opportunities in Shipping Sector

New Delhi, Jun 3 (KNN) On June 3, 2025, Union Commerce and Industry Minister Piyush Goyal met Singapore's Deputy Prime Minister Gan Kim Yong in Paris to discuss enhancing economic ties, with a focus on India's burgeoning shipping sector. 

This meeting underscores India's strategic efforts to bolster its maritime industry and attract international investment.

Minister Goyal emphasised India's vast potential in the shipping sector, highlighting the nation's 7,500 km coastline and its pivotal role in global trade. 

He noted that 95% of India's trade volume is handled through ports, and the government is actively working to improve port infrastructure and logistics systems. 

Initiatives like the Unified Logistics Interface Platform (ULIP) aim to streamline operations and reduce turnaround times at ports. 

The discussions also touched upon the development of a Green and Digital Shipping Corridor between India and Singapore. 

This initiative aims to promote low-emission technologies and enhance digital integration in the maritime sector, aligning with global sustainability goals. 

Minister Goyal's visit to Paris included meetings with various international leaders and business executives, including those from the International Energy Agency, Nigeria, France, Valeo Group, and L'Oréal.

These engagements are part of India's broader strategy to attract foreign investment and strengthen bilateral trade relations.

The collaboration with Singapore is expected to bring significant advancements to India's shipping industry, fostering innovation and contributing to the nation's economic growth.

(KNN Bureau)