Terminal operator DP World is looking to invest up to $1 billion in India in the coming years with a focus on developing infrastructure around existing ports, according to the group’s chairman, Sultan Ahmed Bin Sulayem.
The pledge was made after a meeting with India’s Prime Minister, Narendra Modi, at the 8th edition of the Vibrant Gujarat Global Summit held in Ahmedabad, India, where opportunities for investors in trade, logistics and the maritime sector were on the agenda.
“DP World has invested in the development of five international gateway ports in India and we believe making ports more productive across the country, rather than building more greenfield sites, is the way forward,” said Bin Sulayem
“There is also a great need to reach internal markets, invest in cold storage facilities and networks, using coastal and inland waterways to increase efficiencies and lower costs.
“By developing this transport infrastructure – at existing ports, multi-modal transport including rail for freight and more use of waterways – there will be a direct economic impact benefitting manufacturing and agriculture, those in cities and the rural farming community.”
Last year India’s Finance Minister Arun Jaitley said the country needed $1.5 trillion over the next 10 years to bridge the country’s infrastructure gap.
Bin Sulayem said: “We are also looking for investment opportunities worth over $1billion over the next few years offering our partners the opportunity to grow and expand their business. We remain committed to our operations in the country, which form an important part of our global network.”
DP World has already invested some $1.2 billion in India.
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