In a move that will connect India with the Gulf nations and the Western Mediterranean region, the Mediterranean Shipping Company (MSC) will start a liner service from December this year. The shipping service, which could be a game changer for India as well as Saudi Arabia, will start from Saudi Arabia’s Jeddah Islamic Port. It will then call on Jebel Ali in South West Dubai, Mundra and Nhava Sheva in India, Djibouti in Africa, Gioia, Tauro, Salerno and Genoa in Italy, Barcelona and Valencia in Spain, Marsaxlokk in Malta, King Abdullah, which is Saudi Arabia’s newly launched port facility. The first sailing is planned for December 19, the Saudi Press Agency (SPA) said.
“The latest route will unearth a new world of trade opportunities and promote manufacturing industries across the region through direct connectivity,” the SPA said adding that with lesser trans-shipments and faster transit times, the service can link Mundra to Genoa within 19 days and Nhava Sheva to Barcelona within 16 days. The project will push India’s aim to become an export hub as several multinational companies have started looking at expansion plans or setting up manufacturing facilities in India.
The Saudi Ports Authority (#Mawani) reveals that Mediterranean Shipping Company will start a new service which includes #JeddahIslamicPort, and open a new trade corridor between the #Indian subcontinent and the Western Mediterranean.https://t.co/BVcgbNg1Jl
— Al Arabiya English (@AlArabiya_Eng) January 9, 2023
A host of Japanese majors are already firming up plans. “They (Japanese firms) would manufacture here (India) and then export. Africa and the western countries – are the main regions that the companies would be looking to export their products from India,” Takashi Suzuki, Chief Director General (South Asia), JETRO, told India Narrative.
India has also inked a bilateral trade agreement with UAE. India and the GCC countries comprising Saudi Arabia, UAE, Oman, Bahrain, Qatar and Kuwait are now looking at inking a trade deal, a move that will further boost shipment of goods and services. The FTA is envisaged to be a modern, comprehensive agreement with substantial coverage of goods and services, an official statement said earlier.
The new shipping line will boost connectivity and help in improving cross border trade relations.
INDIA 🇮🇳 – UAE 🇦🇪 RELATIONS.#India & #UAE have drawn up an “aggressive & ambitious” time frame aiming to conclude a comprehensive trade negotiation by December 2021 & hope to sign a formal free trade agreement to achieve over $115 B bilateral trade in five years. pic.twitter.com/jcv4BaB6VL
— Ibrahim Hussein. (@BaloziHussein) September 23, 2021
Prime Minister Narendra Modi and his team on PM Gati Shakti, a mega multi modal infrastructure project aims at easing logistics challenges. Earlier, while laying the foundation of the Rs 5200 crore project at Bhavnagar in Gujarat, underlined the importance of the coastal ecosystem in boosting overall economic activities in the country.
India, with a coastline of about 7.5 thousand kilometres has carved out a blueprint on the blue economy. A holistic ocean policy is key for India’s economy to touch the $5 trillion mark, experts said, adding that issues relating to the environment and maritime security need to be weaved into the blueprint.
