The program's 150 projects have the potential to attract $50-60 bln in infrastructure investment and another $100 bln in investments in related industrial growth.
Minister of Shipping, Road Transport and Highways Nitin Gadkari held wide-ranging discussions with the representatives of the Harbor Department of the City of Long Beach in the US state of California. The city offered investment opportunities for building and developing new ports, constructing new terminals in exiting ports, creating a coastal economic zone, dredging, ship building, ship repairing, ship recycling, and the development of inland waterways and coastal and cruise shipping.
Nitin Gadkari said that the government has agreed to provide maritime clusters for associated industrial support and design centers, as well as financial assistance. These are expected to meet the challenges posed by the new facilities' lack of a competitive advantage, which he claims are caused by the heavy subsidies major shipbuilding countries provide to their ship construction industries.
Gadkari, who was on a weeklong visit to the US, gained first-hand experience witnessing the latest techniques in road engineering, highway construction, road signage, and effective measures to enhance road safety along with safety along prestigious ocean routes.
