In a strategic move echoing the developmental strategies of China, the Kerala government unveiled its intention to integrate the concept of special development zones, as pioneered in China during the late 1970s, to harness the full potential of the Vizhinjam International Seaport. During the presentation of the Budget for the fiscal year 2024-25, Finance Minister K.N. Balagopal emphasized Vizhinjam’s pivotal role as the future development gateway for Kerala. The government aims to establish special development zones in collaboration with the private sector, leveraging investments from various entities, including non-resident Keralites.
Recognizing the imperative for substantial investment to elevate Vizhinjam port to global competitiveness, the Minister underscored the necessity for a blend of public funding, public-private partnerships, and private sector investments. Legislative measures will be pursued to facilitate this developmental trajectory.
Anticipating significant expansion opportunities upon the port’s full operation, the government envisions Vizhinjam as an integrated hub comprising townships, residential zones, commercial centers, warehouses, and entertainment precincts. The ambitious undertaking necessitates multi-billion rupee developmental initiatives, with an estimated demand for 10,000 acres of land within a 50-kilometer radius from Vizhinjam.
Additionally, plans include hosting an international investor meet and maritime summit in 2024-25 to attract enterprises that leverage the port’s potential. The Minister announced the forthcoming operationalization of the Vizhinjam International Seaport by May, promising a transformative impact on South India’s commercial landscape. Moreover, plans are underway to establish efficient agricultural supply chains through the KERA project, alongside initiatives to enhance the livelihoods of local fishermen and capitalize on modern employment prospects in the fisheries sector through skill training programs.