DP World, a leading global trade enabler, and India’s National Investment and Infrastructure Fund (NIIF) have signed a memorandum of understanding (MoU) to develop the logistics sector in India.
DP World Group Chairman and CEO Sultan Ahmed bin Sulayem signed the MoU with NIIF CEO Sujoy Bose at the inaugural session of the India Integrated Transport and Logistics Summit 2017 at Vigyan Bhawan, New Delhi. The ceremony was attended by senior Indian ministers, officials and company executives.
The agreement comes as a result of the visit to India in February 2016 of 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.
DP World announced at the time that it was seeking opportunities in the country worth over $1 billion over the next few years. This will be aimed at development of port infrastructure of the Sagarmala project, creation of the Delhi – Mumbai Industrial Corridor, river transportation and cold chain storage, investing in port-led special economic zones, free trade zones, ICDs and cruise terminals.
Bin Sulayem said: “We have been a part of India’s growth story for nearly two decades now and we are delighted to further strengthen this relationship with the National Investment and Infrastructure Fund (NIIF). The NIIF plays a crucial role in financing India’s infrastructure and we welcome their approach to encouraging development in the sector.
“The agreement is a direct result of the visit last year of HH Sheikh Mohammed Bin Zayed and both our organisations will work together in backing suitable projects. This will further develop Prime Minister Modi’s ‘Make in India’ and ‘Invest India’ campaigns by encouraging foreign direct investment (FDI) and funding for landmark projects like Sagarmala and Bharatmala.
“One of the key priorities of the Indian Government is preventing the loss of agricultural produce. This can be managed through adequate marine and warehousing infrastructure including cold storage as well as development of inland waterways, reducing logistics costs at the same time. We are proud to partner with the Government and share our expertise and experience in these areas and the global supply chain to provide cost effective logistics and warehousing solutions to India’s growing export and import trade,” said Bin Sulayem.