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October 16, 2024
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Infrastructure

AD Ports Group signs key agreements for trade and infrastructure in India


AD Ports Group has announced the signing of strategic MoUs with Gujarat Maritime Board and RITES Limited, a certified multi-disciplinary transport and infrastructure company, according to the company’s release.

The MoU with Gujarat Maritime Board encompasses collaboration across various initiatives within the port and maritime sectors. It focuses on advancing infrastructure development through the construction of new ports and the modernization of existing facilities. Additionally, the MoU emphasizes technology transfer, sustainable port development, renewable energy deployment, waste management, emission reductions, and maritime education and training. It also explores avenues for investments, joint ventures, and the development of a Port City in Gujarat.

Similarly, the MoU with RITES Limited aims to explore mutual opportunities for port development, multimodal logistic parks, economic and free trade zones, rail connectivity projects, and related infrastructure services. The collaboration seeks to create integrated logistics solutions through collective strengths in technology, sustainability, and strategic planning. Furthermore, the MoU aligns with the objectives of the India-Middle East-Europe Economic Corridor (IMEC) announced at the 18th G20 Heads of State and Government Summit.

India and the UAE have seen a significant rise in bilateral trade, with India being the UAE’s second-largest trading partner and vice versa since 2019. Trade between the two countries reached USD 85 billion in 2022, with aspirations to reach USD 100 billion by 2030, following the entry into the Comprehensive Economic Partnership Agreement (CEPA) in May 2022, which led to a 15% increase in bilateral trade.



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