KOCHI: DP World, which manages the International Container Transshipment Terminal (ICTT) at Vallarpadam has signed two memorandum of understanding (MoU) with the Cochin Port Authority for the next phase of capacity and capability expansion of the port. The first MoU will enable the DP World to launch the phase I of a Free Trade Warehousing Zone (FTWZ) at Cochin Port. The second MoU is for enhancing the cargo handling facilities.
Once operational, the proposed Cochin Integrated Business Park, which will be operated by the DP World will be the first free trade warehousing zone in Kerala and the first one to be co-located alongside a container terminal in the country. The synergies between ICTT and Cochin Integrated Business Park are expected to enhance trade possibilities for international and domestic businesses and expand their markets. The second MoU aims to expand ICTT’s capacity and enhance operational efficiency.
“We are happy to sign the MoU with DP World that will strengthen our credentials as the best port in South India along the west coast. We are excited to welcome the proposed Free Trade Warehousing Zone(FTWZ) that will boost trade in the region. As the first FTWZ to be co-located alongside a terminal Cochin Integrated Business Park will open up new possibilities for Cochin port,” said Cochin Port Authority traffic manager Vipin R Menoth.