COCHIN, 17 February 2005 — Prime Minister Manmohan Singh said yesterday his government was committed to further strengthening “the historic bond” between India and the Arab world.
Speaking after laying the foundation stone for the International Container Transshipment Terminal, being built on BOT basis by Dubai Ports International (DPI) at Vallarpadom near this south Indian port city, the prime minister said the project marked a new era in Indo-Arab ties.
“The port infrastructure project has brought in huge investment from our Arab friends. This port would be a symbol of our new determination in strengthening ties,” he said.
Pointing out that most of India’s trade involves transportation by sea, Singh said the container terminal, which is India’s largest, would blend the competitive advantage of the country’s exports with capital investments.
Hoping that the Rs.2.1 billion terminal would act as a gateway to the world, Singh said he was not merely launching a project but an economic platform for the entire country. “It is a day of reckoning for India,” he added.
He said his government was putting in place the requisite policy framework for promoting investments in infrastructure development, especially in ports.
“This should be a role model for public-private partnership in our country,” he said.
Sultan Ahmed ibn Sulayem, executive chairman of Dubai’s Ports, Customs and Free Zone Corporation, attended the function at an school ground on Willingdon Island.
DPI has signed agreement for $500 million project to construct and develop the largest single operator container terminal in India and the first in a special economic zone.
According to Ibn Sulayem, the new terminal will make Cochin a key center in the shipping world. It will also reduce India’s dependence on foreign ports for transshipment, he added.
DPI will operate the existing Rajiv Gandhi Container Terminal and subsequently transfer operations to the new terminal on its completion in four years. The new terminal will benefit from DPI’s existing network and strategic relationships.
The prime minister also announced the setting up of a Rs. 70 billion ($1.5 billion) petrochemical complex of gas major GAIL (India) Ltd. in Kerala.
He announced the project, named the Kerala Gas Cracker Complex, before leaving for New Delhi after a two-day visit to the state. Once completed, the petrochemical complex would be the biggest central public sector unit in Kerala.
