Dubai – Mubasher: Dubai-based DP World has signed a memorandum of understanding (MoU) with the government of Jammu and Kashmir in order to develop the trade infrastructure in the north Indian state.
"The agreement will see discussions take place on a multi-modal logistics park and hub in Jammu, comprising warehouses and specialised storage solutions that will also encourage intermodal transfer of containers, bulk and break-bulk cargo," DP World said in an official statement released late Thursday.
DP World's top official highlighted India's economic potential, noting that unlocking it would provide many new trade opportunities.
"Opening up the Indian hinterland through new infrastructure and facilities is one of the ways that the Indian economy will continue to grow and we are delighted to enter into these discussions with representatives of the Jammu and Kashmir government," stated DP World chairman and CEO Sultan Ahmed bin Sulayem.
DP World has already invested around $1.2 billion in the northern Indian state in the past two decades through supporting 28% of overall container trade.
"We look forward to growing this partnership further in Jammu and Kashmir," the CEO said.
India's fast growing logistics sector is forecast to reach $215 billion by 2020, bin Sulayem noted, indicating that 34 mega multi-modal logistics parks and over 1300 infrastructure projects were underway in the country.
In 2016, DP World recorded nearly $50 billion in exports and imports through its operations in India, which had accounted for 15% of the country's total non-oil imports and exports.
Moreover, bilateral trade between the UAE and India has soared over the past 30 years to exceed $53 billion.
