Commerce and Industry Minister Piyush Goyal met Singapore's Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, on Tuesday to explore ways to enhance economic cooperation and opportunities in the Indian shipping sector.

Goyal, who is on an official visit to France to engage with political and business leaders, posted on X: “Discussed enhancing our bilateral trade & investment ties. Also, highlighted the tremendous opportunities India offers across various sectors, especially in the shipping sector.”

The discussions are significant as India looks to strengthen its maritime capabilities. Indian exporters have faced logistical and cost challenges, particularly during the Red Sea crisis, when freight rates rose due to surcharges by foreign shipping lines.

The Union Budget recently proposed a Maritime Development Fund (MDF) to support the Indian shipping sector. The fund is expected to provide financial support for ship acquisition through equity or debt instruments. It aims to increase the share of Indian-flagged ships in global cargo volumes to 20 per cent by 2047 and generate investment worth ₹1.5 lakh crore by 2030.

The development of an indigenous shipping fleet is seen as a step towards reducing dependence on foreign vessels, improving the balance of payments, and securing strategic interests.

During the past three days, Goyal held a series of meetings with global CEOs and ministers, including International Energy Agency Executive Director Fatih Birol, Nigeria’s Trade Minister Jumoke Oduwole, France’s Minister of Economy and Finance Eric Lombard, Valeo Group CEO Christophe Périllat, and L'Oréal Groupe CEO Nicolas Hieronimus. The minister discussed investment opportunities in India across sectors.