DP World to invest $1 billion more in Indian Maritime infrastructure, says Sultan Ahmed Bin Sulayem

Posted by Daily Shipping Times on 05-05-2017        Tweet

NEW DELHI: Leading global operator of marine and inland terminals DP World has pledged another set of funds to the tune of $1 billion for investments in India's Marine infrastructure.

This will be in addition to its existing $1 billion investment here, DP World's Group Chairman and CEO Sultan Ahmed Bin Sulayem said.

The Dubai-based operator said it is looking at several investments in India in the logistic sector and online transactions of customs services.

"India offers exciting opportunities to us. We pledge $1 billion investment here.

"Our expertise can help India grow faster in this space as millions of tonnes of wheat and thousands of tonnes of fruits and vegetables get wasted here in want of warehousing," Sulayem said.

He was addressing the inaugural session of the India Integrated Transport and Logistics Summit 2017 here.  Drawing a comparison between India and China, Sulayem said while these two economies have the maximum population, there is a huge difference in the amount of cargo handled in both the countries. "While China handles 100 million container cargo, India handles barely 10 million," he said.

DP World can help India augment its marine infrastructure as it has helped Dubai, he added.

He said Dubai has made its custom clearance processes online and around 10,000 transactions are completed in 100 days. Traders in Dubai do not have to step out of their offices for any kind of custom clearances and everything is done online, he said.

Being one of the strongest emerging economies in the world, it offers immense potential for growth in maritime and inland trade, Sulayem added. DP World has invested in the development of five international gateway ports in India. There is also a great need to reach internal markets, invest in cold storage facilities and networks, as well as using coastal and inland waterways to increase efficiencies and lower costs, Sulayem noted. He said 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 benefiting manufacturing and agriculture sectors.