"With the building of this terminal, our exporters can now access mainline containers vessel calling at one of the most well-located ports of India," Prime Minister said on the occasion. The first phase of the Rs 3,200 crore terminal under the Cochin Port expansion project will mark a considerable decrease in expenses during import-export.
The first-of-its-kind terminal was built by the Dubai Ports World at a cost of Rs 1,600 crore. The terminal has a capacity of 1 million TEUs (twenty foot equivalent units) of cargo per annum. Another Rs 1,700 crore was spent in parallel infrastructure like road and rail connectivity to the terminal.
"The ICTT in Vallarpadam is thus a long-awaited milestone in the development of a country's logistic infrastructure. Today, about 60 per cent of India's exports and imports containers are transshipped through ports like Singapore and Colombo. This transshipment through ports outside the country involves an additional expenditure of USD 300 per container and an extra 7-10 days of transit time," Manmohan Singh said.
He also lauded the public-private partnership in the project and hoped that the new addition would mean more investments to the state.