|Published : 16 Dec 2015, 14:53:20|
Indo-Bnagla maritime deal to boost ship-building industry
The Indo-Bangladesh maritime traffic (cargo and passenger vessels) is poised to lead the growth in the shipping segment in the east which in turn will increase the demand for ship-building, said a leadinh Indian businessman.
According to professional services company KPMG, the bilateral trade between India and Bangladesh was valued at $ 6.9 billion during 2014-15 which is expected to almost double to $ 10 billion by 2018 in a conducive trade environment.
"The share of the east coast ports out of the total cargo handling capacity for Indian ports is expected to increase from the current 35% to 40% over the next 4-5 years", Prahlad Tanwar, Director - Transport and logistics at KPMG in India told this newspaper.
The east coast ports in India handled about 370 million tonnes (mt) of cargo in 2014-15 out of the total 1,051 mt handled by all the ports in the country.
"If we need to handle more cargo in inland waters as well as increase the Indo-Bangladesh maritime traffic, we need to have the latest technology," Jain said.
In June this year, prime minister Narendra Modi inked an agreement with Bangladesh on coastal shipping for two-way trade through ports and renewed the 1972 Protocol on Inland Waterways Transit and Trade which uses the two countries' waterways for commerce.
A memorandum of understanding was also signed for using Chittagong and Mongla ports in Bangladesh for movement of goods to and from India. Asfar