East Coast Maritime Business Summit Approaches (India)
The East Coast Maritime Business Summit (19 – 20 September 2013, Vishakapatanam) will discuss the changing dynamics of the country’s foreign trade, the significance of East Coast ports, hinterland connectivity and the opportunities and challenges faced by the region.
What makes East Coast an ideal location for investment is its geographical location that offers a very short, convenient and cheaper route for traders, who are keen to accelerate the shipment of goods from India to China and other Southeast Asian countries like Myanmar, Malaysia, Thailand, Philippines, Indonesia, Taiwan and South Korea.
Notwithstanding the global economic slowdown, India’s foreign trade stood at $794 billion in 2011-12. During 2006-2011, India’s east-bound trade grew at 23 per cent, which was higher than the growth of the country’s total Export-Import trade indicating a shift in port traffic and trade volumes from West Coast to East Coast. The shift is expected to further spur allied activities in the logistics sector, boost industry and increase employment in east India.
In this backdrop, the ports will play an increasingly symbiotic role in the development of the region.
Press Release, August 29, 2013