road shipping-baalu-investment (with DI 54)

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New Delhi, Oct 15 (UNI) Union Shipping, Road Transport and Highways Minister Thiru T R Baalu today referred to the massive 21-billion US dollar National Maritime Development Programme (NMDP) and the 50-billion US dollar National Highways Development Project (NHDP) being implemented by the Indian Government.

During his meeting with Mr Jong Hwan Chung, the South Korean Minister for Land Transport and Maritime Affairs in Seoul yesterday, Mr Baalu apprised him of India's ambitious infrastructure development programmes, saying they present immense opportunities to the Korean investors and logistics companies.

He informed the minister of the possible areas of cooperation such as the Indian Maritime University and participation in the construction of shipyards in India.

Informing about the one-billion US dollar infrastructure fund conceptualised by the Korean government, Mr Jong stated that his country would like to participate in port development projects of India through the fund. He said he would advise the Korean companies about the massive developmental projects being undertaken by the Indian government, which present opportunities for the Korean companies.

Mr Baalu invited Mr Jong to visit India and said an international seminar could be organised to apprise the Korean companies about the opportunities in India, particularly in the shipbuilding sector.

Mr Baalu is visiting Korea to attend the naming ceremonies of the 319,000 DWT VLCC vessel "Desh Viraat" and two 4400 TEU class container carriers, "SCI Chennai" and "SCI Mumbai" acquired by the Shipping Corporation of India (SCI) from Daewoo and Hyundai shipyards respectively.


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