The Business Bytes
TBB BUREAU
NEW DELHI, MAY 4, 2023
In a major step towards strengthening India-Myanmar relations and enhancing trade and commerce, Union Minister of State for Ports, Shipping and Waterways, Shantanu Thakur on Thursday flagged off the inaugural cargo ship from Syama Prasad Mookerjee Port in Kolkata to the Sittwe Port in Myanmar.
The port in Rakhine state of Myanmar has been built with assistance from India as part of the Kaladan Multimodal Transit Transport Project (KMTTP).
The Inland Waterways Authority of India (IWAI), as a project Development Consultant for the implementation of Port and IWT components of the work, has successfully completed the work.
Minister Thakur flagged off MV-ITT LION (V-273) vessel carrying 20,000 bags containing 1,000 metric tonnes of cement. It is scheduled to reach Sittwe Port on May 9.
Sittwe Port has been developed under a framework agreement between India and Myanmar for the construction and operation of a Multimodal Transit Transport Facility on Kaladan river connecting the Sittwe port in Myanmar with the state of Mizoram in India.
The port connects to Paletwa in Myanmar through an inland waterway and from Paletwa to Zorinpui in Mizoram through a road component.
Once fully operationalised, KMTTP will provide alternate connectivity from Eastern coast of India to the North-eastern states through the Sittwe port, Port chairman P L Haranadh said..
The Port will open up new opportunities for trade and transit from and to Myanmar, particularly the Rakhine State and further enhance trade and commerce between the two countries and the wider region.
The project is expected to bring significant economic benefits to the people of the region, as it will provide a much-needed boost to the local economy.
