The Andhra Pradesh Maritime Board on Thursday signed an agreement with APM Terminals to develop three major ports in the state with an investment of Rs 9,000 crore.
The pact was signed in the presence of Chief Minister N Chandrababu Naidu, who said Andhra Pradesh would be developed as the “eastern gateway” for maritime trade and as a logistics hub in India.
“APM Terminals has signed a Memorandum of Understanding (MoU) with the Andhra Pradesh Maritime Board for the development of the state’s ports with an investment of Rs 9,000 crore,” a press release said.
APM Terminals is a subsidiary of global shipping and port management major AP Moller-Maersk.
The agreement will facilitate the development of the Ramayapatnam, Machilipatnam and Mulapeta ports with modern terminals and advanced cargo-handling systems. It is also expected to generate nearly 10,000 direct jobs.
Naidu directed officials to build an economic ecosystem around the ports and ensure low-cost cargo transport facilities for neighbouring states such as Telangana, Chhattisgarh, Maharashtra, Karnataka and Odisha.
He also asked APM Terminals to prepare a comprehensive logistics plan covering road, rail, inland waterways and air connectivity to strengthen the state’s trade network.
The chief minister noted that Andhra Pradesh is working on an action plan to establish a port or harbour every 50 km along its over 1,000-km coastline, it added.
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