Dubai-based global marine operator DP World said it plans to invest more than $1 billion in India over the next few years mainly in infrastructure development at its port operations in the country.

The group has already invested capital of $1.2 billion and is currently the only foreign operator with six port concessions in the country with approximately 30 per cent market share.

The announcement was made during a visit to New Delhi and Mumbai by Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the UAE, and Sultan Ahmed Bin Sulayem, the group chairman and chief executive of DP World.

The visit follows a two-day official trip by Indian Prime Minister Narendra Modi to the UAE last August.

The DP World investments could cover expansion in brownfield container terminals, long-term greenfield container concessions, inland container depots (ICDs) and expansion of existing inter-modal rail services for rolling stock.

Welcoming the investment plan, Sheikh Mohammad said: "The UAE and India enjoy historic bilateral relations and these potential investments reinforce our confidence in the long-term growth of the Indian economy and our desire to actively contribute to the economic development of this friendly nation."

"DP World has established a leading position in the Indian market and is a pioneer in the development of container terminals. It has the biggest portfolio along the Indian coast and is looking to enhance its presence there, transferring the UAE’s experience of infrastructure development in line with our plans to enhance the strategic relations between our countries and to take them to a higher level," he added.
 
In Mumbai, Sheikh Mohammad and Bin Sulayem also inaugurated the new 330-metre berth at Nhava Sheva (India) Gateway Terminal (NSIGT), at India’s premier gateway Jawaharlal Nehru Port.

Speaking at the launch, Bin Sulayem said: "We are reinforcing our commitment to enabling India’s growth and economic development through our operations in the country, where we have invested over $1 billion in the past supporting over 30 per cent of India’s container trade."

According to him, Dubai’s non-oil foreign trade with India has seen a striking 144 per cent growth from 2004 to 2014. By the end of 2014, trade between the two countries amounted to Dh109.34 billion ($30 billion), compared to Dh44.87 billion ($12.2 billion) in 2004.

India was Dubai’s second largest trading partner in 2015, with bilateral trade of Dh73.86 billion ($20 billion) during the first nine months of 2015 – comprising imports of Dh41.73 billion ($11.3 billion); exports of Dh14.54 billion ($3.9 billion) and re-exports of Dh17.59 billion ($4.78 billion),. he stated.

“Being one of the strongest emerging economies in the world, India offers immense potential for growth in the maritime sector. With this new Mumbai terminal, DP World will contribute even more to India’s growth offering our customers the ability to grow and expand their business,” he added.-TradeArabia News Service