Visakhapatnam Port to set up Rs.406 crore Free Trade and Warehousing Zone (FTWZ)
More than 504 projects have been identified to unlock the opportunities for port-led development which would mobilize mover Rs.3.57 lakh crore of infrastructure investment, said the Vice President of India, M Venkaiah Naidu said during a visit to Visakhapatnam Port Trust (VPT) on 26 June 2021.
VPT Chairman of the Visakhapatnam Port Trust (VPT) K Rama Mohana Rao apprised the Vice President on various activities of the port, including its expansion plans.
Referring to the Maritime India Vision 2030, the Vice President wanted the Port to adopt global best practices in port operations and development.
He said that the Vision-2030 is not impossible to achieve as India has the inherent strength of knowledge and wanted everyone to work together in the spirit of Team India.
Earlier, the Vice President was apprised of the expansion plans of the Visakhapatnam Port, including the proposed establishment of a Rs.406 crore Free Trade and Warehousing Zone (FTWZ) in an area of 103 acres.
The proposed FTWZ is to be funded under Sagarmala and a Special Purpose Vehicle (SPV) will be set up to develop basic infrastructure like roads, electricity, rail and road connectivity.
During the interaction, the Vice President was keen to know the measures taken by VPT to contain pollution and protect the environment. Appreciating the Port’s green initiatives, he also wanted them to focus more on renewable energy and energy conservation.
He also appreciated Visakhapatnam Port Trust’s initiatives in creating world-class infrastructure, port-led industrialization, digitization of processes and various green initiatives for sustainability. “I am pleased to learn about the expansion plans of VPT in the coming years,” Naidu added. #investment #infrastrucrture #development #tenders #projects /fiinews.com
