The Dubai-based DP World and National Investment Infrastructure Fund (NIIF) have signed an MoU to develop projects spanning the port and logistics sectors including opportunities under the Sagarmala initiative, the dedicated freight corridors and logistics infrastructure aimed at reducing agriculture produce losses. The MoU was signed at India Integrated Transport and Logistics Summit (IITLS), organised by the Ministry of Road Transport and Highways in New Delhi, yesterday.
DP World operates multiple related businesses – from marine and inland terminals, maritime services, logistics and ancillary services to technology-driven trade solutions. On the other hand, NIIF is a fund created by the Government of India for enhancing infrastructure financing in the country.
The agreement comes as a result of the visit to India in February 2016 of Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the United Arab Emirates and Sultan Ahmed bin Sulayem, group chairman and CEO, DP World.
DP World announced at the time that it was seeking opportunities in the country worth over $1 billion over the next few years. This will be aimed at development of port infrastructure of the Sagarmala project, creation of the Delhi Mumbai Industrial Corridor, river transportation and cold chain storage, investing in port-led special economic zones, free trade zones, ICDs and cruise terminals.
Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World, said, “We have been a part of India's growth story for nearly two decades now and we are delighted to further strengthen this relationship with the National Investment and Infrastructure Fund (NIIF). This will further develop Prime Minister Modi's Make in India and Invest India campaigns by encouraging foreign direct investment (FDI) and funding for landmark projects like Sagarmala and Bharatmala.”
Due to lack of proper storage, it is estimated that nearly 10,000 tonnes of fruit and vegetables get wasted in India. Highlighting the importance of the MoU with NIIF, he said, “One of the key priorities of the Indian Government is preventing the loss of agricultural produce. This can be managed through adequate marine and warehousing infrastructure including cold storage as well as development of inland waterways, reducing logistics costs at the same time. We are proud to partner with the Government and share our expertise and experience in these areas and the global supply chain to provide cost effective logistics and warehousing solutions to India's growing export and import trade.”
