The SMW is an annual flagship programme being held in Singapore under the aegis of the Maritime and Port Authority of Singapore, bringing global maritime leaders together to share and demonstrate their technologies.
| Photo Credit: X/@sarbanandsonwal
India is addressing supply chain vulnerabilities by developing key corridors such as India-Middle East-Europe Economic Corridor (IMEC), the Eastern Maritime Corridor, and the North-South Transport Corridor to secure trade routes, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal said at Singapore Maritime Week (SMW) on Monday (March 24, 2025). A green and digital corridor is under discussion between India and Singapore.
The SMW is an annual flagship programme being held in Singapore under the aegis of the Maritime and Port Authority of Singapore, bringing global maritime leaders together to share and demonstrate their technologies. The five-day programme commenced on Monday.
“As a reliable and responsible partner, India is committed to building a green, secure, and inclusive maritime future. Alongside Singapore and global partners, we aim to drive innovation and collective action for a resilient maritime ecosystem,” Mr. Sonowal said in his address at SMW. He held a series of bilateral meetings on the sidelines. “Our commitment extends to developing Green Shipping Corridors, including the proposed India-Singapore Green and Digital Corridor, focused on clean energy and smart logistics,” he stated.
A $20 billion investment would enhance logistics, port connectivity, and trade facilitation, the Minister said. India targets a top-five global shipbuilding rank by 2047 through policy reforms and infrastructure upgrades, and ports aim to grow their global cargo share from 6% to 15% by 2047, supported by a Maritime Development Fund for fleet and shipyard expansion, he stated. The GIFT City is also rising as a global hub for maritime finance and ship leasing, offering a competitive gateway to global capital, Mr. Sonowal said.
The Minister held meetings with Lee Hsien Loong, Senior Minister and ex-PM and other key Singapore Ministers as well as with Ministerial counterparts from France, The Netherlands, Norway and Portugal on navigating global maritime trends. He also met several industry captains.
The maritime sector faces both challenges and opportunities, from climate change and geopolitics to digital disruption and shifting trade patterns, the Minister stated. Global shipping and supply chains have come under severe stress following the attacks by Houthi rebels in Yemen passing through key global waterways. “The maritime sector is key to driving growth, resilience, and sustainable connectivity. India is expanding port infrastructure, integrating logistics, and boosting ease of doing business, resulting in greater port efficiency, stronger cargo flows, and growing investor confidence,” Mr. Sonowal stated.
The Minister also stressed on digitalisation and future-ready shipping and elaborated on various initiatives that India announced for streamlining port services, cutting transaction times, and enabling real-time data. India is also partnering with the UAE and Singapore to create virtual trade corridors for seamless cargo movement, he added.
Published – March 24, 2025 11:28 pm IST