The government's new 'Act East' policy will give impetus to maritime trade in the country's eastern coast, Deputy Chairman of Visakhapatnam Port Trust P L Haranadh said here today.
He said maritime trade in the east coast plays a key role in the country's economic growth.
"East coast manages almost 50 per cent of total traffic handled at all major ports across the country. East coast handled 290.51 million tonnes (MT) of traffic out of total of 581.34 MT during financial year 2015," Haranadh said while addressing reporters ahead of the 'East Coast Maritime Business Summit' to be held here from January 28-29.
He added that VPT handled 47 MT of cargo so far this financial year and will be able to clock 58 MT by the end of 2015-16.
"The volume of cargo handling fell due to decrease in the iron ore exports and coal imports," he added.
Haranadh said the Visakhapatnam port is expected to emerge as a key driver for transformative economic growth of the east coast with the proposed Vizag-Chennai Industrial Corridor (VCIC) and the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR).
"We have completed dredging work in the inner harbour and are in a position to handle Panamax vessels in the inner harbour," he said in reply to a question.
The theme of the forthcoming summit, organised by 'Maritime Gateway', the country's leading publication on shipping, ports and logistics, is "East Coast Hinterland: Waiting to be served".
Delegates from Nepal, Bangladesh, Myanmar, officials from leading ports and representatives of various companies will take part in the event.
