DP World inks infrastructure agreement with Jammu and Kashmir
The parties will explore plans to develop a multi-modal logistics park
Dubai-based ports operator DP World signed an agreement with the government of Jammu and Kashmir to explore opportunities to develop trade infrastructure including a multi-modal logistics hub in the north Indian state.
“Opening up the Indian hinterland through new infrastructure and facilities is one of the ways that the Indian economy will continue to grow,” said DP World group chairman and chief executive Sultan Ahmed Bin Sulayem.
“India has vast economic potential and unlocking it will provide new trade opportunities. Efficient logistics is the way forward – to get cargo moving faster, safer and more cost effectively for all stakeholders.”
The proposed multi-modal logistics park and hub in Jammu would comprise warehouses and specialised storage solutions aimed at encouraging intermodal transfer of containers, bulk and break-bulk cargo, DP World said in a statement.
The two parties are to discuss how they could collaborate on such a project, under a memorandum of understanding (MoU) signed at the World Government Summit this week.
The value of goods exported and imported by DP World’s operations in India reached almost $50 billion in 2016, accounting for 15 per cent of India’s total non-oil imports and exports,” DP World said. Bilateral trade between the UAE and India has grown from $128m 30 years ago to more than $53bn today.
India’s logistics sector is predicted to grow to $215 billion by 2020, and the country has 34 multi-modal logistics parks and more than 1,300 infrastructure projects underway, DP World’s statement added.
Updated: February 16, 2018 03:48 PM