On the 16th February 2005, DP World announced that it has formally signed an agreement with the Cochin Port Trust (CoPT) to construct, develop and operate an International Container Transhipment Terminal (ICTT) – An India Gateway Terminal – at Vallarpadam. The project was formally launched with the laying of the foundation stone by Mr. Manmohan Singh, the Hon’ble Prime Minister of India. The ceremony was attended by Dr. Jacob Thomas, Chairman, CoPT and Mr. Sultan Ahmed Bin Sulayem, Executive Chairman, DP World. The proceedings were overseen by the Hon’ble Minister of Shipping, Government of India, Mr.T.R. Baalu, the Hon’ble Chief Minister for Kerala, Mr.Oommen Chandy and His Excellency, the Governor of Kerala, Mr. R.L. Bhatia. Over the last few months there has been press releases, statements by various State and Union Government leaders and officials and a general thrust in public relations... . all leading to an impression that the Container Transhipment Terminal at Vallarpadam is not only a reality but the actual construction and commissioning is just round the corner. DECLARATION of the Vallarpadam and Puthuvypeen areas as special economic zones will reduce the cost of the proposed trans-shipment terminal by at least Rs 300 crore by way of exemption from Customs and Excise duties and income-tax, according to Mr Paul Antony, Development Commissioner (DC) of Cochin Special Economic Zone. |
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