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Andhra Pradesh

AP focuses on maritime development to achieve 2 trillion-dollar economy

On
AP focuses on maritime development to achieve 2 trillion-dollar economy

The Andhra Pradesh government is actively pursuing collaborations with international stakeholders to accelerate port-led infrastructure development

The Andhra Pradesh government is actively pursuing collaborations with international stakeholders to accelerate port-led infrastructure development, aiming to position the State as a global maritime hub and drive it toward its goal of becoming a 2 trillion-dollar economy by 2047.
 
At the forefront of this initiative is the State's ambition to transforminto a world-class maritime State by 2030, focusing on sustainable economic growth and advanced coastal development. The government is keen on attracting both global and domestic investments in the maritime sector, capitalizing on its strategic location and natural resources. During the 29th Economic Development Cooperation Fund (EDCF) conference in Seoul, S Suresh Kumar, Secretary of Andhra Pradesh's Infrastructure and Investment Department, outlined the state’s vision for maritime development. Kumar, currently on a five-day official visit to South Korea at the invitation of the Export-Import Bank of Korea (KEXIM), is meeting with key industry players in the shipbuilding sector, exploring partnerships for establishing shipbuilding and repair facilities in Andhra Pradesh.
 
His schedule includes high-level discussions with officials from Busan Port Authority, Hanjin Industries, and Hyundai Industries, highlighting the state's growing potential as an investment destination for the maritime industry. Kumar emphasized Andhra Pradesh's strategy of fostering sustainable development through world-class infrastructure, attracting investments, and solidifying its position as a leading maritime state by 2030. In 2023, Andhra Pradesh's major port, Visakhapatnam, and its five non-major ports handled 198 million tonnes of cargo.
 
The state plans to increase its port cargo handling capacity by 110 million tonnes by 2025-26, with the addition of four new non-major ports at Ramayapatnam, Machilipatnam, Kakinada (Gateway), and Mulapet, backed by an investment of over Rs 16,000 crore. The government's focus is now shifting toward port-led industrial development, including shipbuilding, repair, and recycling, which is expected to generate thousands of jobs. With a 5000-acre land bank near upcoming greenfield ports, the state is positioning itself to develop critical industries. Kumar reiterated that private sector partnerships are integral to the success of port development and the construction of fishing harbors. Ends//
 
 
 
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AP focuses on maritime development to achieve 2 trillion-dollar economy

AP focuses on maritime development to achieve 2 trillion-dollar economy

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