India has invited investors from the US to participate in the country’s fast growing ports sector. The invitation was extended by the Union Shipping Minister, Mr G. K. Vasan, when a business delegation from the US, led by Undersecretary, Mr Francisco Sanchez, called on him in Chennai recently, according to Exim News Service.
India permits foreign direct investment (FDI) in ports under the automatic approval route. The US is the second largest source of FDI inflows into India.
India and the US had signed a Memorandum of Cooperation on Maritime Transport, Science and Technology in 2005, which covers a wide area of mutual interest, including maritime safety and security, port management, and technological developments. It also envisages cooperation between the US Merchant Marine Academy and the Indian Institute of Maritime Studies (a constituent of the Indian Maritime University) in maritime training and education.