By GMM News | 2024-09-18 | International Shipping News |

India has established its first maritime arbitration center, the India International Maritime Dispute Resolution Center (IIMDRC).

The Ministry of Ports, Shipping and Waterways (MoPSW) launched the center in Mumbai last week in collaboration with the India International Arbitration Centre (IIAC) to strengthen India’s position as a global hub for maritime dispute resolution.

The establishment of the IIMDRC is a major step in India’s efforts to strengthen its dispute resolution infrastructure in the maritime sector.

The centre is expected to handle international cases in compliance with the government’s “Resolve in India” initiative. This initiative encourages Indian maritime companies to use domestic facilities rather than foreign arbitration centers such as those in Hong Kong, London, and Singapore.

Retired Justice Hemant Gupta, Chairperson of IIAC, described the establishment of the IIMDRC as a “monumental step” in strengthening India’s maritime dispute resolution framework.

This development is part of the Sagarmala program, which was announced in 2015 to improve the performance of India’s logistics sector by expanding ports and growing the domestic shipbuilding industry.

The Sagarmala initiative plans to complete 839 projects by 2035, with an estimated cost of $70 billion; 262 projects are completed.

At the same meeting that the IIMDRC was launched, the Ministry of Ports presented a plan for a massive shipbuilding park that would integrate shipbuilding resources from all over India. This project aims to boost efficiency and strengthen India’s position in the global shipbuilding market, though the park’s location has yet to be confirmed.

Dr. Pramod Sawant, the Chief Minister of Goa, emphasized the establishment of the Indian Maritime Center during his speech at the 20th Maritime States Development Committee Meeting.

The meeting, chaired by Union Minister for Ports, Shipping, and Waterways Shri Sarbananda Sonowal, included the signing of an important Memorandum of Understanding (MoU) under the Sagarmala Pariyojana, which aims to accelerate Goa’s development.

Reference: Indian Defense News