DP World inks MoUs with Cochin Port for capacity expansion
DP World will implement Phase I of a Free Trade Warehousing Zone (FTWZ) at Cochin Port under the terms of the first MoU, and under the terms of the second MoU, the logistics company will upgrade its facilities for handling cargo at the International Container Transshipment Terminal.
DP World and the Cochin Port Authority inked two memoranda of understanding (MoU) to start the port's upcoming phase of capacity and capabilities expansion.
The first MoU will witness DP World implement Phase I of a Free Trade Warehousing Zone (FTWZ) at Cochin Port. The second MoU will see the logistics major enhance its cargo handling facilities at International Container Transshipment Terminal (ICTT)/ India Gateway Terminal Private Ltd.
Once operational, the proposed DP World owned and operated Cochin Integrated Business Park (Q1 2024) will be the first Free Trade Warehousing Zone development in Kerala and the first one to be co-located alongside a terminal in the country.
The synergies between ICTT and Cochin Integrated Business Park are expected to significantly enhance trade possibilities for international and domestic businesses and expand their markets.