In a move to enhance its global trade framework, India has sanctioned the construction of a new deep-water port on its western coastline. With an investment of $9.14 billion, the port is anticipated to play a key role in streamlining trade flows between India and Europe via the Middle East. Located about 150 kilometers from Mumbai, the port aims to augment India's trade infrastructure significantly.
Information Technology Minister Ashwini Vaishnaw announced the port's capability to accommodate "mega vessels" and handle a diverse range of imports such as petroleum and automobiles, boasting an annual throughput capacity of 298 million metric tons. The completion of the port's first phase is targeted for 2029. "This port will be an integral part of the India-Middle East corridor," Vaishnaw stated, highlighting the strategic initiative from the G20 summit in New Delhi aimed at forging a direct trade route from India to Europe.
The establishment of this port is expected to catalyze India's trade dynamics, offering advanced logistical capabilities and a pivotal location to boost exports, especially to European markets. The initiative is also projected to draw significant foreign investment, stimulate regional economic growth, and generate employment opportunities. Vaishnaw underscored the project's potential to significantly enhance economic activity in the future, reflecting India's commitment to upgrading its trade infrastructure and elevating its position in the global market.
This port development is seen as a strategic step forward in India's quest to strengthen international trade ties and economic partnerships, providing businesses and investors with a new gateway to global markets and opportunities.
Source: tradecouncil.org