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Chennai-Vladivostok Eastern Maritime Corridor
Prime Minister Modi announced the commencement of the Chennai-Vladivostok Eastern Maritime Corridor during a community program in Moscow, Russia.
About the Project
- The Chennai-Vladivostok Maritime route connects Chennai on India’s east coast with Vladivostok, Russia’s eastern port city, opening a plethora of opportunities for trade and investment for both countries.
- Vladivostok is the end point of the Trans-Siberian Railway, the fourth in terms of cargo turnover, and the first free seaport of the Far East.
- The Vladivostok-Chennai route passes through the Sea of Japan past the Korean peninsula, Taiwan and the Philippines in the South China Sea, past Singapore and through the Strait of Malacca, to emerge into the Bay of Bengaland then cuts across through the Andaman and Nicobar archipelago to Chennai.
- This sea route covers a distance of approximately 5,647 nautical miles or about 10,500 km
Need of new route (to improve connectivity):
- Lack of connectivity is one of the reasons for limited trade between India and Russia, which has for the past few years hovered around the US $12-13 billion level.
- At present, the two countries are linked through the traditional European route which passes through Red Sea, Mediterranean Sea and Baltic Sea.
- Operationalised in 2000, the circuitous route spans from the Nhava Sheva Portin Mumbai to the Port of St. Petersburg in Russia and goods take an average of 40 days to cover the distance of 8,675 nautical miles or about 16,000 km.
Significance
- Shorter route: The Chennai-Vladivostok corridor is a shorter alternative to the current Mumbai-St. Petersburg sea route, reducing shipping distances to about 5,400 km and transport time to approximately 24 days.
Fact Box: Far East
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- Ideal gateway: The strategic location of Chennai Port on the Bay of Bengal makes it an ideal gateway for trade with Southeast Asian countries like Thailand, Vietnam, and Indonesia.
- Key commodities such as crude oil, coal, LPG, and various goods are expected to benefit from faster transportation.
- Better trade: The trade route promises to enhance trade not only between India and Russia but also with countries like Singapore, Thailand, Vietnam, Malaysia, and Indonesia.
- Immense opportunities:The Port of Vladivostok in Russia provides access to the resource-rich Far East region, offering immense opportunities for Indian businesses to tap into the market sectors like energy, mining, and technology.
- Economic Impact:
- The corridor is set to boost Chennai's economic prominence by increasing cargo traffic with Southeast Asian nations and potentially reaching landlocked Mongolia.
- It positions Chennai to become a robust economic hub similar to Mumbai.
- Russia aims to double its current trade volume with India through the Vladivostok port, currently at 150 million tonnes.
Fact Box: International North-South Transport Corridor (INSTC)
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