Chennai:
Insufficient infrastructure along Indian
coastline has been a hindrance in exploiting the potential of bilateral trade
in merchandises goods between India and United States, according to US
under-secretary Francisco Sanchez.
“Indian ports have experienced growing traffic
in recent years. But while activity has increased capacity has not. This
results in congestion at ports and lost opportunities,” he said.
Highlighting that coastal shipping accounts for roughly 40
per cent of trade volumes in the US, China and Europe, he said in India it
represents only 7 per cent of total domestic cargo transport network and there
is need for huge investment in the sector.
Eyeing to have a share in the $66 billion funds earmarked
for port infrastructure and $27 billion in shipping sector by India, he said
the 12-member trade delegation are specialized port-related equipment
suppliers and service providers and help in building port infrastructure.
Union Minister for Shipping G K Vasan said lot of projects like
building berts and terminals have been taken up to reduce congestion in ports
and the government has identified public private partnerships in attracting
investments.
He also invited US investors to participate in port
development plans besides possibility of India and US working together to
counter the menace of piracy.
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