New port seeks to bolster Indo-GCC trade ties

Abu Dhabi:A newly opened private port in India is expected to further strengthen Indo-GCC trade, says its developer. The Krishnapatnam Port in Andhra Pradesh unveiled by Navayuga Group, which has infrastructure development projects in the UAE, will open a new logistics corridor for GCC companies to further establish trade ties with India.

Antony David, General Manager, Navayuga Engineering Company Ltd (Abu Dhabi), said: "Recent statistics by the Abu Dhabi Customs Administration state that India is one of the UAE's top three re-export destinations. Foreign trade between the two countries is growing, and Krishnapatnam Port will play a key role in further strengthening bilateral trade.''

According to recent estimates, the two-way Indo-Arab trade is poised to double to $55 billion by 2010. Trade grew by an average 20 per cent in the past two years, in line with India's economic growth.

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) reported that India's total trade with the GCC region was $22.5 billion in March 2007, up from $5.6 billion in 2001. Non-oil imports from the GCC region were billed at $6.2 billion in 2007.

The UAE is the third largest destination for India's exports, according to the Consulate General of India with exports growing 40 per cent in 2006-07 over the previous year.