The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for signing of a Memorandum of Understanding (MoU) between India and Spain on cooperation in the field of port development, according to the Press Information Bureau of India.
Recognizing the significant mutual benefit that can be derived from cooperation in the port matters between the two countries, it has been decided to sign the agreement with a view to strengthening cooperation and to render sustained mutual assistance and advice on port matters and other related maritime matters.
Signing of the MoU will help both countries in encouraging and facilitating the development of ports and provide a cooperation platform for enhancing and stimulating steady growth of maritime traffic, exchange and training of staff and students from various maritime establishments, exchange of information necessary for accelerating and facilitating the flow of commercial goods at sea and at ports.
This agreement will also bring several benefits when it comes to the establishment of joint ventures in the fields of port development, port efficiency, modernization of existing ports, dredging, particularly maintenance dredging in riverine ports, environment and green port initiative, port engineering, maritime training, information technology including development of simulators, port facilities and related maritime activities, etc.
The MoU will be signed on a mutually convenient date and venue.