Global ports operator DP World today inked a pact with the Jammu and Kashmir government to jointly explore opportunities to develop trade infrastructure in the north Indian state.
"The government of Dubai, global trade enabler DP World and the government of Jammu and Kashmir have signed a Memorandum of Understanding (MoU) to explore opportunities to develop trade infrastructure in the Indian state," the Dubai-based company said in a statement.
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 inter-modal transfer of containers, bulk and break-bulk cargo, it said.
Speaking at the World Government Summit in Dubai, DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem said: "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.
India has vast economic potential and unlocking it will provide new trade opportunities. Efficient logistics is the way forward to get cargo moving faster, safer and more cost effectively for all stakeholders, he said.
The country is currently the fastest growing in the world with major strides being made already with the logistics sector set to reach USD 215 billion by 2020, 34 mega multi-modal logistics parks and over 1300 infrastructure projects underway, he said.
"DP World has already invested USD 1.2 billion in the last 20 years supporting 28 per cent of all container trade and we look forward to growing this partnership further in Jammu and Kashmir," he added.
The value of goods exported and imported by DP Worlds operations in India reached almost USD 50 billion in 2016, accounting for 15 per cent of India's total non-oil imports and exports.
According to the statement, bilateral trade between the UAE and India has grown from USD 128 million 30 years ago to more than USD 53 billion today.
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