India’s first Maritime Cluster to be established in Gujarat

Thu, 2021-06-10 17:09 -- SCC India Staff

India’s first Maritime Cluster

State-run port operators and regulators in Gujarat told the media that India's first International Maritime Services Cluster would be set up by Gujarat Maritime Board (GMB) at GIFT City.

The Maritime cluster will be developed as a dedicated ecosystem comprising logistics services providers, shipping, ports and pertinent government regulators, everything present in the geographic vicinity of the GIFT city.

The cluster looks to host maritime industry players, including government agencies, maritime/shipping industry associations and businesses, regulators, intermediate service providers like shipping finance, maritime arbitrators, marine insurance, maritime law firms, and support service providers like maritime education institutes. The cluster would also have an Alternate Dispute Resolution (ADR) Centre, focused on maritime/shipping.

The cluster is said to ensure economic benefits and ease of doing business for the maritime fraternity, which currently depends on international arbitration centers.

MD & Group CEO, GIFT City, Tapan Ray, told the media that establishing a maritime cluster was a much-needed step towards advancing India's credentials and economic viability in the sector. He also said that GIFT City has a unique distinction of being India's first IFSC, and the inclusion of such an institution improves our proposition.