Two preliminary agreements between global trade enabler DP World and Indonesia’s leading conglomerate Maspion Group were signed on July 24 to create a US$ 1.2 billion container port and industrial logistics park in East Java.
Two term sheet agreements aim to create a modern, integrated container terminal and industrial logistics park, expected to play a vital role as a trade gateway for Eastern Java. It includes cooperation in setting up Maspion International Container Port in Gresik, East Java, with an investment of USD 1.2 billion and 3 million TEU’s of capacity using electric power in its operations to help cut carbon emissions.
An integrated 360 hectare industrial and logistics park could also provide a world class trade environment for Indonesian and international businesses to help drive economic growth and job creation.
The project is expected to break ground later this year and commercial operations are being planned for the first half of 2022.