Andhra Pradesh aims for port-led economic transformation

The Sate plans to leverage its coastal potential to drive sustainable economic growth, targeting a $2 trillion economy by 2047, says official

The Andhra Pradesh government is pursuing international collaborations to boost port-led infrastructure development, positioning itself as a key maritime State by 2030. The Sate plans to leverage its coastal potential to drive sustainable economic growth, targeting a $2 trillion economy by 2047.

Infrastructure and Investment Secretary S. Suresh Kumar presented Andhra Pradesh’s vision at the 29th Economic Development Cooperation Fund conference, organized by the Export-Import Bank of Korea (KEXIM) in Seoul. His five-day tour includes meetings with top officials from Korea’s shipbuilding industry and authorities like Busan Port, Hanjin Industries, and Hyundai Industries, according to a press release here on Tuesday (November 12).

“Our goal is to create world-class maritime infrastructure, attract investments, and position Andhra Pradesh as a premier industrial hub,” Mr. Suresh Kumar emphasized. He highlighted the State’s innovative policies and efficient governance as crucial to achieving this transformation.

Currently, Andhra Pradesh’s Visakhapatnam Port and five non-major ports handle 198 million tonnes of cargo annually. With four additional ports at Ramayapatnam, Machilipatnam, Kakinada Gateway, and Mulapet nearing completion with ₹16,000 crore in investments, the State aims to increase cargo capacity by 110 million tonnes by 2026.

The government’s focus includes shipbuilding, repair, recycling, and proximal industrial development near ports. A 5,000-acre land bank near greenfield ports is ready for industrial use, with private sector partnerships being actively sought for development projects.

This ambitious maritime push is expected to generate significant employment and propel Andhra Pradesh towards global economic prominence.

Published - November 12, 2024 05:16 pm IST