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The Prime Minister, Dr Manmohan Singh, dedicated to the nation the Phase I of the Rs 3,200-crore International Container Transhipment Terminal at Vallarpadam, a BOT project between Cochin Port Trust and DP World. Commissioning the country's first container transhipment hub here on Friday, Dr Singh said that the absence of a global hub port and lack of transhipment facilities had hampered India's goal of becoming a major player in international trade.
Inaugurating the terminal along with the road and rail connectivity to Vallarpadam, the Prime Minister said that with the launch of ICTT at the special economic zone, exporters can now access mainline container vessels calling at one of the most well located ports in the country.
Today about 60 per cent of India's export and import containers are transhipped through Singapore and Colombo ports which involves an additional expenditure of $300 per container and an extra 7-10 days of transit time, he added.
He also stressed the need to increase the use of fuel efficient, environment-friendly and safe mode of transport such as inland waterways, which is the mode of transportation suitable for bulk, containerised and hazardous cargo as is the case worldwide.
Dr Singh pointed out that this flagship project symbolises the keen interest of UAE in investing in India and hoped that it would promote stronger business and people to people ties between the two countries. The Prime Minister expressed the hope that the emergence of several port related industries and other processing centres in the proximity of Vallarpadam will provide reliable and economical logistics to business in India's first container transhipment hub.
“The ICTT at Vallarpadam is a symbol of how public private partnership can contribute to public good. And it will be an enduring symbol of the close ties we wish to build with our extended neighbours in West Asia, including the United Arab Emirates,” Dr Singh said.
Earlier, the Shipping Minister, Mr G.K.Vasan, welcomed the gathering. The Minister of Foreign Trade, UAE, Sheikha Lubna Bint Khalid Al Qasimi were among those present on the occasion.
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