Ever since the Prime Minister of the country Narendra Modi returned from visit to Japan, after that business relationships between the two countries are seen getting a new dimension. On Tuesday, Japan’s second largest shipping company Mitsui OSK Lines has raised Indian companies to make tankers in India. Currently, the way India is importing crude oil and exporting refined oil products. A lot of ship is required for him. In recent years, India’s exports have also seen an increase. Because of which the country is on the trust of foreign ship. Due to which there is a lot of increase in cost. India is quite serious about shipbuilding to cut this expense.
Japanese company extended hands
The company’s CEO Takeshi Hashimoto said that if a company in India partnerships with him, it is expected to promote local manufacturing in India. In fact, India is modernizing its maritime laws. So that foreign participation in this sector, including shipbuilding, ports and shipyards, can be allowed to allow foreign companies to reduce freight by 2047. Hashimoto told reporters at the APPEC conference in Singapore on Tuesday that the Government of India wants to see the construction of new ships in India. If possible, we want to join this project.
India also needs
India’s shipping fleet has not been able to keep coordination with the increase in trade including exports and exports of refined oil products. Hashimoto said that we definitely need to work together with the locker partner and to cooperate strongly with Indian shipyards. The government had said in its budget in February that India would set up a maritime development fund of Rs 250 billion ($ 2.84 billion) for the long -finance of the country’s ship -making and repair industry. The government is considering promoting shipbuilding as part of billions of dollars of efforts to make India a world -class manufacturing nation.