Remarks by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong at the visit to PSA Bharat Mumbai Container Terminal Phase 2

Excellencies

Shri Devendra Fadnavis, Chief Minister of Maharashtra

Mr Gobu Selliaya, Managing Director of PSA India

Distinguished Guests

Ladies and Gentlemen

1. Good afternoon to all of you. Let me thank you for inviting me to India Maritime Week. This is a very important event, and today's topic is also very relevant, on the green and digital maritime corridors. As all of us know, we are facing a fundamental existential challenge of climate change. Climate change is a global challenge and requires collective effort from everyone, to contribute towards a more sustainable future. At the same time, digitalisation is also another megatrend that is changing the world to the advent of digitalisation, and now with AI and even Gen AI, I think this will become a key tool to allow companies and enterprises to transform and transit towards a more sustainable future, but also allow them to be more efficient, more productive, more competitive. So I think green and digital maritime corridors are very important, and all of us must do our part to transit towards a more sustainable future. And in this regard, Singapore and India are working on a MOU on developing a Green and Digital Shipping Corridor (GDSC). I think this is our contribution towards a more sustainable maritime sector, and PSA is in a leadership position in charting the path forward for a more sustainable shipping industry.

2. It is my pleasure this morning to visit PSA’s newly completed Bharat Mumbai Container Terminal (BMCT) Phase 2.

3. This investment is a testament to this strong and enduring partnership between PSA Group and India, and between India and Singapore. As you know, we are celebrating or marking our 60th anniversary of bilateral diplomatic relations between Singapore and India, and this investment, as well as many other investments that we have made in India, reflects the strong ties between India and Singapore, and we hope we will continue to grow this partnership.

   1. Phase I of the project is a good demonstration of how world-class port operations can benefit India by enhancing efficiency, reducing turnaround times, and boosting competitiveness for India’s exporters and importers.

   2. Phase II builds on this success, and doubles the capacity of the terminal from 2.4 million TEUs to 4.8 million TEUs. This will make BCMT the largest standalone container terminal in India.

   3. This terminal also represents a new milestone in PSA’s journey in India.

      1. Over almost three decades, PSA has invested a total of US$2.3 billion in India, of which more than half is in BMCT.

   4. The success of BMCT demonstrates how Singapore companies can contribute to India's growth and development.

4. Especially at a time of significant volatility in the global trading environment, ports like BMCT play a critical role in keeping trade flowing and economies growing. This expansion will not only boost regional trade but also create significant employment opportunities for the local population.

5. As Singapore and India celebrate 60 years of bilateral relations, there is room for us to do more in strengthening and deepening our collaboration, particularly in the maritime sector.

   1. Indeed, maritime connectivity is one of the key areas under the Connectivity Pillar of the India-Singapore Ministerial Roundtable (ISMR).

   2. Besides port operations, Singapore companies have been active across India's maritime landscape in areas such as shipbuilding, renewable energy and green shipping solutions.

   3. Through the ISMR, we seek to find new avenues to deepen our partnership further.

      1. For example, as I mentioned, both Singapore and India are working on a MOU to develop a Green and Digital Shipping Corridor (GDSC).

      2. This will in turn accelerate the shift of our maritime sectors towards greener solutions and smarter routing.

6. Beyond our maritime and connectivity sectors, Singapore and India share deep and broad economic ties across many areas.

   1.   Our Comprehensive Economic Cooperation Agreement, signed almost two decades ago, laid the foundation for growing trade and investment flows between our two countries.

   2. Today, Singapore is one of India’s largest sources of Foreign Direct Investment.

   3. In particular, there are many Singapore companies in Maharashtra, across different sectors such as infrastructure and urban solutions, logistics and connectivity, banking and finance, as well as consumer services.

      1. I am very happy to note the MOU that has just been signed and exchanged – between Mapletree Investments and the Government of Maharashtra in industrial and logistics and warehousing development;

      2. This will further strengthen the network of win-win partnerships between Singapore and Maharashtra.

7. Once again, I would like to congratulate PSA, our Indian partners and the tireless port workers who have enabled BMCT to become the success it is today. I am confident that Phase II will enable BMCT to further enhance India’s maritime connectivity, and contribute to the growth and prosperity of India’s businesses and workers in the decades to come.

8. Thank you.