Visakha remains focal point of India's trade, says ports minister Sonowal

Visakhapatnam: Union minister of ports and waterways Sarbananda Sonowal said Vishakhapatnam was an important port in ancient India with a rich history of trade and commerce. "For the last 1,000 of years international trade was carried through Visakhapatnam port of western Asia and even up to Rome. Even today Visakhapatnam remains the focal point of India's trade and recently Prime Minister Narendra Modi visited Vishakhapatnam and launched projects worth more than Rs 10,000 crore," he said.

Addressing the valedictory of Global Investors Summit here on Saturday, the Union minister said as per the latest economic survey, India received the highest ever foreign direct investment (FDI) of 84.8 billion dollar in financial year 2022. He said that there was 79 per cent increase in cargo handling capacity since 2014. Highest ever merchandise export stands at 421 billion dollars in financial year 2022.

He said India continues to open up its sector to global investors by raising the investment limits, removing regulatory barriers, developing infrastructure and improving the business environment. The Union minister said with the initiative of the Prime Minister, more than 110 projects worth around Rs 1.1 lakh crore have been identified for the implementation under Sagarmala in Andhra Pradesh, of which 35 projects worth Rs 32,000 crore have already been completed. Fourteen projects worth of Rs 2,500 crore are been financially supported under Sagarmala scheme. Sonowal said as far as Visakhapatnam port is concerned, it has shown a healthy cargo growth of over 7.5 per cent in this financial year.

He said six projects were operating in Visakhapatnam port and awarded in January 2023 with an investment of Rs 658 crore and another six projects are in pipeline with an investment potential of Rs 1,250 crore. Completion of these projects will increase the ports capacity by about 37 million tonne per annum. He said the ministry of ports, shipping and waterways jointly with ministry of fishing is upgrading the fishing harbours all over India to international standard. Fishing harbour at Vishakhapatnam is being upgraded at a cost of Rs 151 crore which will improve the quality of life of local fishing community. Vishakhapatnam port is nearing completion of the construction of international cruise terminal with investment of Rs 97 crore which is likely to start by April this year.