Visakhapatnam Port Authority (VPA) is actively undertaking initiatives to bolster port capacity, improve connectivity, and enhance allied infrastructure to foster regional trade growth. With its strategic location and commitment to development, VPA aims to become a leading trade hub, driving economic prosperity and attracting businesses.
VPA maintained its fourth position in India and second on the East Coast in the fiscal year 2022-23, handling a throughput of 73.73 million metric tonnes (MMTs). The authority has set an ambitious target to handle over 100 MMTs by 2024-25. To achieve this, VPA is focusing on enhancing port capacity and connectivity.
Investing in infrastructure and efficient operations, VPA aims to optimize trade efficiency and facilitate the smooth movement of goods. The authority recognizes the importance of improved road and rail networks in ensuring seamless transportation and logistics. These efforts will boost export-import (EXIM) activities and coastal trade, stimulating economic growth and attracting more businesses.
VPA is embracing mechanization and attracting private investments as part of the landlord port model promoted by the Ministry of Ports, Shipping, and Waterways. In the current fiscal year, VPA has allocated Rs 650 crore for investment purposes and plans to invest Rs 337.69 crore in developmental projects.
To monetize its assets, VPA is considering leasing out 17 acres of idle land, which has the potential to generate extra revenue of Rs 125 crore over 30 years. By leveraging these efforts, VPA aims to optimize resources and unlock the untapped potential of its assets.
Visakhapatnam Port was crucial in ensuring smooth trade operations during the pandemic, collectively handling an impressive 795 million tonnes of cargo with other major ports. The port’s container terminal is one of the best in India, setting records in throughput volume.
The port’s strategic location and deep draught make it ideal for accommodating large container ships. It handles various commodities catering to diverse industries, including marine products, rice, maize, ferroalloys, frozen seafood, chemicals, pharmaceuticals, and metals.
VPA holds a prominent position in marine product exports, commanding a 26.36 percent share in that segment. The port’s global connectivity and shipping services make it attractive for exporters, ensuring a smooth flow of goods.
Visakhapatnam Port’s ability to handle diverse commodities and serve various industries positions it as a critical contributor to economic development. With improved connectivity, the port expands its influence into the secondary hinterland, tapping into new markets and fostering trade flows.
Visakhapatnam Port drives economic prosperity in the region by enhancing port capacity, improving connectivity, and fostering EXIM and coastal trade. It is poised to become a significant trade hub in India’s maritime industry.
References: The Hindu Business Line
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