Page 7 - ITLN-September-October-2024-Issue-for-Website

n September 10, 2024, Abu prime minister said during his address
Dhabi Crown Prince Sheikh at the Global Maritime India Summit
Khaled Bin Mohamed Bin 2023 in October 2023.
OZayed Al Nahyan, during his While the prime minister is
visit to India, signed an agreement that emphatic about the significance of
soft-launched the work on the India-UAE IMEC, he also stressed the importance
Virtual Trade Corridor (VTC) and Master of having robust port infrastructure in
Application for International Trade and the country to support that.
Regulatory Interface (MAITRI). More recently, on August 30, 2024,
While VTC aims to reduce the prime minister laid the foundation
administrative processes and time, stone of Vadhavan Port near Dahanu
reduce logistics and transport costs, in Palghar District, Maharashtra. The
and enhance ease of doing business, all-weather Greenfield deep draft
MAITRI integrates multiple Indian major port will be constructed by
operational portals to facilitate If India builds larger the Vadhavan Port Project (VPPL),
interfacing with UAE portals. ports with deeper drafts an SPV formed by Jawaharlal
The significance of these key that can accommodate Nehru Port Authority (JNPA) and
developments is that both are under vessels with capacities Maharashtra Maritime Board (MMB)
the framework agreement between with a shareholding of 74 and 26
India and the UAE on the India-Middle of up to 24,000 TEUs. percent respectively. The total project
East-Europe Economic Corridor This will benefit us by cost, including the land acquisition
(IMEC), which was signed along with potentially reducing component, is ₹76,220 crore. This
the United States, Saudi Arabia, the freight rates, as larger will include the development of core
European Union, Italy, France and vessels contribute to more infrastructure, terminals and other
Germany on the sidelines of the G20 stable and cost-effective commercial infrastructure in public-
Summit in New Delhi exactly a year private partnerships (PPP) mode.
before in September 2023. shipping. “It will be the largest container port
The IMEC comprises an eastern Naveen Prakash in the country. It will also be one of the
corridor connecting India Global Logistics Solutions most significant ports in the world in
to the Gulf region and terms of depth. Thousands of ships
a northern corridor will dock here, and containers will be
connecting the Gulf region to This route had become the basis for handled, transforming the economic
Europe. It will include a railway and the development of many countries of landscape of the entire region. The
ship-rail transit network and road the world. Now this historical corridor government will also connect the
transport routes. will also transform the picture of Vadhavan Port with rail and highway
Prime Minister Narendra Modi later regional and global trade. Construction connectivity. Many new businesses
emphasised that the IMEC will serve as a of next-generation mega ports and will start here due to this port.
foundation for global trade for centuries international container transhipment Warehousing activities will accelerate,
to come, and history will recognize that port, island development, inland and its location is a golden opportunity,
its vision originated in India. waterways, expansion of multi-modal with the Western Dedicated Freight
“Hundreds of years ago, the Silk hubs, many such major projects are to Corridor and the Delhi-Mumbai
Route gave impetus to global trade. be undertaken under this scheme,” the Expressway being very close. Cargo

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