Ex­pand­ing port ca­pac­ity

Im­ports are grow­ing and the pri­mary port in Male’ has reached its max­i­mum ca­pac­ity. Thus the fo­cus is on ex­pand­ing port ca­pac­ity, in­clud­ing tran­ship­ment and de­vel­op­ing ware­hous­ing and SEZS

Maritime Gateway - - Contents - By Sisir Prad­han

Im­ports are grow­ing and the pri­mary port in Male’ has reached its max­i­mum ca­pac­ity. Thus the fo­cus is on ex­pand­ing port ca­pac­ity, de­vel­op­ing ware­hous­ing and SEZS.

With a steady eco­nomic growth of about 7 per cent per an­num in the last two decades, the Republic Of Mal­dives is one of the fastest grow­ing economies in South Asia. The is­land na­tion largely known for its tourism in­dus­try and ser­vice in­dus­tries such as con­struc­tion, ship­ping, telecom­mu­ni­ca­tion, avi­a­tion and bank­ing. The coun­try has a GDP of $2,292 mil­lion. Its ex­ports are worth $167 mil­lion. The coun­try has ini­ti­ated en­act­ing of a SEZ Act to fa­cil­i­tate special eco­nomic in­cen­tives and a flex­i­ble reg­u­la­tory en­vi­ron­ment for mega in­vest­ment projects. The coun­try’s strate­gic ge­o­graph­i­cal lo­ca­tion at the heart of the In­dian Ocean, at the cross­roads be­tween East and West is one of the key con­trib­u­tors to the mar­itime trade in the re­gion. Mal­dives Ports Ltd man­ages and op­er­ates all ports in the coun­try. Male is the ma­jor sea port for the coun­try, and Male’ Com­mer­cial Har­bour han­dles all va­ri­eties of cargo ves­sels at the berth ex­cept dry bulk, liq­ue­fied pe­tro­leum and gases. It also has fa­cil­ity to han­dle cargo at an­chor­age us­ing barge op­er­a­tion. Most of the con­tainer ships are han­dled at along­side berth. Tanker ter­mi­nal is avail­able at Fu­nad­hoo and Thi­la­fushi Is­land, and tankers are also han­dled at an­chor­age along with ship-to-ship trans­fer fa­cil­ity. LPG and LNG han­dling fa­cil­i­ties are avail­able at Thi­la­fushi Is­land. Port sec­tor is one of the strate­gic sec­tors in which the gov­ern­ment in­tends to at­tract in­vest­ment as the coun­try’s pri­mary port Mal­dives Port in Male’ has al­ready reached its max­i­mum ca­pac­ity uti­liza­tion. Hence, the gov­ern­ment in­tends in­vest­ment in Thi­la­fushi Port devel­op­ment as a new ex­panded Port for the Mal­dives and the Male’ re­gion. With ex­ist­ing eco­nomic growth rates, in­bound cargo is ex­pected to grow at an an­nual av­er­age rate of 16 per cent, reach­ing 1.9 mil­lion tonnes by the year 2032. Pe­tro­leum prod­ucts are the largest im­ports ac­count­ing for about 30 per cent of its to­tal im­ports. Hence, oil and gas ex­plo­ration are one of the ar­eas where Mal­dives is en­cour­ag­ing in­vest­ment and part­ner­ships. Apart from which, Iha­vand­dhip­polhu In­te­grated Devel­op­ment Pro­ject (iha­van), which in­cludes devel­op­ment of Tran­ship­ment Port, Air­port Devel­op­ment, Ware­hous­ing and Ex­port Pro­cess­ing Zones, and a Cruise hub, among oth­ers is an­other key strate­gic in­vest­ment projects for the coun­try. In­dia and the In­dian Ocean archipelago have a to­tal trade of $208 mil­lion in FY 2016-17, with a Y-O-Y growth of about 14 per cent. In­dia and Mal­dives signed a trade agree­ment in 1981, which pro­vides for ex­port of es­sen­tial com­modi­ties. Bilateral trade be­tween the two coun­tries stands at `700 crores.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.