Cyprus-based Maritime Companies Announce FDI of ₹10,000 Cr for the Indian Shipping Sector The FDI is marked as the largest ever in the Indian shipping sector since this sector was opened to 100% FDI in the year 2005.
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Cyprus-based entities Interorient Navigation Co. Ltd and Danship & Partners Ltd have together announced a Foreign Direct Investment (FDI) of INR 10,000 crore for the Indian shipping sector.
The FDI is marked as the largest ever in the Indian shipping sector since this sector was opened to 100% FDI in the year 2005. This comes after Prime Minister (PM) of India Narendra Modi's state visit to Cyprus earlier in June, marking the first ever state visit to Cyprus by an Indian PM in over two decades.
During the visit, the Indian PM held formal discussions with the President of Cyprus, Nikos Christodoulides, and discussed a range of topics, including strengthening cooperation between the two countries in the maritime domain.
This historic investment proposal is said to closely align with the roadmap of the Prime Minister of India's vision of 'Atmanirbhar Bharat', contributing to a broader maritime infrastructure development under initiatives such as 'Maritime India Vision – 2030' and 'SagarMala.'
This imminent FDI in India will contribute, among other things, to the following in the broader Indian national interest:
- All the ships under this investment will be registered under the Indian flag, adding significantly to India's national shipping tonnage.
- Provide large employment for Indian cadets, trainees, and seafarers.
- The freight earned for the carriage of Indian EXIM (export-import) trade will remain in the Indian economy.
- Contribute to India's economic security,
- Make for value-added contributions to India's journey towards becoming the third-largest economy in the world over the next few years.
