Union shipping minister Sarbananda Sonowal on Monday said Bengal has an investment opportunity of Rs 1 lakh crore (trillion) in the port and logistics sector.

He was optimistic about garnering greater interest from domestic and international investors in the 2023 edition of the Global Maritime India Summit.

The minister was speaking at the Calcutta roadshow for the summit, which will be held between October 17 and 19 in New Delhi.

Sonowal, the Union minister for ports, shipping and waterways, is expecting participation from over 100 countries in the ensuing event and a higher number of delegates than the previous 2021 edition of the summit.

In the conference two years ago, 475 MoUs were signed worth Rs 3.5 lakh crore, the minister said.

He also stated that 75 per cent of the MoUs are “under implementation”.

The minister stressed the need to unlock investment opportunities in India’s maritime sector from both domestic and overseas companies.