MoU for Shipping Current Affairs - 2020

Category Wise PDF Compilations available at This Link

Task Force Meet: India and Norway to strengthen their BLUE ECONOMY PARTNERSHIP

In January 2019, India and Norway jointly inaugurated a Task Force of Blue Economy for Sustainable Development. The third meet of the task force was held on February 18, 2020.

They also launched a new collaboration of Integrated Ocean Management and Research at the meet.

Highlights

India and Norway have been strengthening their ties making Indo-Norwegian Ocean Cooperation as a key pillar in their bilateral relationship. The task force aims at mobilizing stakeholders of India and Norway at the highest level to ensure progress across ministries and agencies.

Significance

India being the largest democracy plays a major role in sustainable development both globally and regionally. Also, 15% of Indian population residing in Norway are in the coastal region. Above all, 70% of the Norwegian Economy depends on maritime industry of the country.

The task force was set up at the India Norway Business Summit.

India Norway Business Summit

The Summit was held in New Delhi in January 2019 during the visit of Norwegian PM to India. Around 15 MoUs were signed at the summit. It includes sustainable sea food production, smart grids, energy markets, green shipping, digital solutions, etc. Green shipping is use of LNG.

Get these updates on Current Affairs Today Android App

MoU between India and Maldives for Shipping approved by Cabinet

Union Cabinet chaired by Prime Minister Narendra Modi has given ex-post facto approval for Memorandum of Understanding (MoU) between India and Maldives for establishment of passenger and cargo services by sea, which was signed on 8 June 8 2019 during the visit of Indian Prime Minister to Maldives.

Key Highlights of MoU

Objective: This MoU with Maldives has been signed with a view towards harnessing potential opportunity that lies in passenger and cargo transportation by sea between two countries.

It will pave way for ferry services between Maldives and Kerala by Connecting Kochi with Male & Kulhudhuffushi in Maldives by Sea route.

Male is Maldive’s capital and most populous city of country. It is situated at a distance of 708 Kms from Kochi.

Kulhudhuffushi is 3rd most populous city of Maldives. It is 509 Kms away.

Significance:

Current connectivity between India and Maldives involves flights to Male and sea planes to resorts, which is majorly an expensive option.  Thus, connectivity with Kochi via sea could promote inbound tourism, mainly health and wellness tourism for India.

Also a large number of Maldivians also travel to Kerala as well as other South Indian cities for educational purposes.

This proposed ferry service would contribute in a big way in promoting people to people contact and to boost bilateral trade between two nations.

India-Maldives

India is a leading development partner of Maldives.

Till now India has established many of the leading institutions of Maldives.

At present, India has provided US $100 Million Stand-by Credit facility (SCF) to island nation of Maldives, including long-term loans and revolving credit for trade.

Get these updates on Current Affairs Today Android App