Maritime Week sees signing of 600 MoUs worth ₹12 lakh crore

More than 100,000 people from over 85 countries participated in the proceedings, along with foreign ministers of 11 countries and active participation from coastal states

Mumbai: More than 600 memorandums of understanding (MoUs) worth ₹12 lakh crore have been signed during the India Maritime Week, which is underway at the NESCO exhibition center since October 27, the ministry of port, shipping and waterways said on Thursday. Chief executive officers (CEOs) of companies from across the world have expressed their satisfaction with government policies and committed to investing in all spectrums of the maritime sector, the ministry said.

Prime Minister Narendra Modi with Global CEO forum participants at the India Maritime Week 2025 (ANI Video Grab)

“The MoUs pertain to diverse sectors including ship building, port development, container manufacturing and maritime training,” said Sarbananda Sonowal, minister of port, shipping and waterways, while presenting a summary of the maritime week which will conclude tomorrow. “This is one of the largest global maritime events in the world because of the number of participants and the volume of agreements signed. It has also reinforced that India is going to become one of the global superpowers in the maritime sector.”

The maritime week was successful beyond expectations, the minister said. More than 100,000 people from over 85 countries participated in the proceedings, along with foreign ministers of 11 countries and active participation from coastal states.

MoUs worth ₹8.5 lakh crore had been signed during the previous edition of the maritime week in 2023, of which MoUs worth ₹5.5 lakh crore were under execution, Sonowal said.

Among the MoUs signed during the current edition, 30% pertained to ports development and modernisation, 20% pertained to sustainable green ports and green shipping, 20% to shipping and ship building, 20% to port-led industries and 10% to trade, business and skilling.

“Eleven global CEOs representing companies across the maritime sector including ship building, scaling and construction and port operations have expressed satisfaction over the policy initiatives taken by the union government and committed to invest in large sums,” said Vijay Kumar, secretary, ministry of ports, shipping and waterways.

The maritime sector generates six times more jobs than other sectors and millions of jobs will be generated in the sector over the next 22 years, Sonowal said.

“Over 1.2 million direct and indirect jobs will be created in the near future from the Vadhavan port in Dahanu alone. Ship building activities need 5,000 types of equipment which would all be manufactured within the country under the Atma Nirbhar Bharat programme. This ecosystem will help us create lakhs of jobs,” Sonowal said.

Maritime investment has a multiplier effect as ₹1 invested in the sector leads to six times more investment in ancillary sectors, Kumar said.

Investment of ₹70,000 crore in the sector, announced by prime minister Narendra Modi on Wednesday, would unlock 4.5 million gross tonnage and create 3 million jobs, he noted. The ecosystem would generate more jobs directly and indirectly, he added.

Officers from the ministry said most of the shipyards in the country were compliant with the international standards laid down by the Hong Kong Convention.

“India has an advantage over its competitors as the majority of our shipyards in Alang are compliant with these strict conventions for recycling. We are among the top recyclers in the world,” said Kumar.