Taking a cue from the Chinese model of development, the Kerala government on Monday announced that it will adopt the idea of special development zones conceived in China during the late 1970s to utilise the entire developmental potential of Vizhinjam International Seaport.
Terming Vizhinjam the development gateway to Kerala of the future, Finance Minister K.N. Balagopal said, while presenting the Budget for 2024-25 financial year, that the government intends to create special development zones in partnership with the private sector by attracting investment from institutions and individuals, including non-resident Keralites.
There is a greater need to channel large-scale investment to transform Vizhinjam port into an entity that can compete with the other prominent ports around the world. This development can be possible only through a combination of public funding, public-private partnerships, and private sector investment. Legislative enactments are required to facilitate the development, said the Minister.
