Bin Sulayem (R) with Modi at the meeting.
DP World reaffirms commitment to Indian market
DUBAI, 7 days ago
Dubai-based global marine terminal operator DP World reaffiremed its commitment to India's growth during a meeting between its group chairman and chief executive officer Sultan Ahmed Bin Sulayem and India’s Prime Minister Narendra Modi.
They met at the 8th edition of the Vibrant Gujarat Global Summit held in Ahmedabad, India, and discussed the immense potential of India’s growing economy and the nation’s maritime and inland trade, said a statement from DP World.
New opportunities resulting from the Prime Minister’s programmes such as Invest India, Digital India, Skill India and Made in India were also on the agenda, evidence of the new economic direction of the country, it said.
Bin Sulayem also joined a Global CEOs’ meeting at the summit chaired by the Prime Minister. He outlined the importance of the innovation and opportunities for investors in trade, logistics and the maritime sector. The conference hosted 35 foreign business leaders and 23 Indian industrialists, it added.
Bin Sulayem said: “We are proud of the role we have played serving India’s growing economy for more than a decade, during which we have worked closely with the government to redefine the container terminal business by introducing new technologies, world class infrastructure and international operating practices.”
DP World has invested in the development of five international gateway ports in India and we believe making ports more productive across the country rather than building more greenfield sites is the way forward, said a statement.
Bin Sulayem added: “There is also a great need to reach internal markets, invest in cold storage facilities and networks, using coastal and inland waterways to increase efficiencies and lower costs. By developing this transport infrastructure – at existing ports, multi-modal transport including rail for freight and more use of waterways – there will be a direct economic impact benefitting manufacturing and agriculture, those in cities and the rural farming community.”
“Meanwhile, we are reinforcing our commitment to economic development through our operations in the country, where we have invested $1.2 billion to date, supporting over 30 per cent of India’s container trade. Being one of the strongest emerging economies in the world, it offers immense potential for growth in maritime and inland trade,” he said.
“We are also looking for investment opportunities worth over $1 billion over the next few years offering our partners the opportunity to grow and expand their business. We remain committed to our operations in the country, which form an important part of our global network,” he concluded.
DP World is a market leader in Indian container terminal operations, with the largest portfolio of investments in ports along the Indian coastline. The network stretches across ports in Gujarat (Mundra, 2003), Maharashtra (Nhava Sheva, 1999 and 2012), Kerala (Cochin, 2005), Tamil Nadu (Chennai, 2001), Andhra Pradesh (Vishakapatnam, 2002).
It has also created rail connections to the hinterland and owns a national rail licence from the Government to operate seven container trains from major hinterland markets to major gateways in Mundra and Nhava Sheva.
India and the UAE continue to have a long lasting trading relationship with bilateral trade reaching $60 billion in 2015, it stated. – TradeArabia News Service