Cochin Port in the Indian state of Kerala is set to sign nine memorandums of understanding (MoUs) worth $387m at the second Maritime India Summit 2021 to be held on 2-4 March.
Cochin Port Trust is one of the 12 major ports in India.
Most of the MoUs will be signed between Fertilisers and Chemicals Travancore (FACT), Kottayam Port & ICD Services, IGTPL, and IOCL.
Some of the areas that will be covered in the MoUs will include dredging for maintenance of channels and basins, coastal connectivity, aviation fuel terminal, cargo handling, tourism associated projects, and deepening and widening of port channels.
In a statement, the Ministry of Ports Shipping and Waterways (MoPSW) said: “The Ministry of Ports, Shipping and Waterways is also in process of finalising more than 217 MoUs to be signed in conjunction with the summit. These MoUs will be signed with different coastal states and stakeholders of the sector.”
The MoUs will be signed with the aim to attract investment, skills, and job opportunities to the sector.
The MoUs will also streamline the ship manoeuvring process, which will encourage more business prospects to the ports and economic stability in the sector and for its stakeholders.
The event is expected to see the participation of more than 30 CEOs, both national and international, from the US, Russia, Denmark, Singapore, Brazil, Japan, Sweden, and the Netherlands.