The Asian regional ports will be the leader in global shipping industry in the next decade.
It is expected that the growth momentum will be provided by India and China and a double digit growth is needed to accommodate capacity expansion, Asian Shippers' Council Secretary General Rohan Masakorala told Daily News Business.
"The capacity increase will facilitate trade growth and regional ports could attract sufficient business making the shipping industry a viable venture. However, the full recovery of the industry will be evident in two to three years time," he said.
The shipping industry is anticipating a recovery of shipping line operations next year and the regional ports will experience upward growth in business accordingly.
The global economic downturn had a negative impact on the global shipping industry where it recorded an eight to twenty percent negative growth in throughput.
This trend will reverse with port expansion and trade growth.
Indian port will be the key market in the growth potential of the regional ports. It is important to upgrade technology and efficiency in attracting businesses and system upgrade is also necessary to provide impetus for industry growth.
Asian region needs continuous training to facilitate manpower requirement. Capacity building is vital for supply chain management. The training and development of human skills in all aspects of aviation, multi-model transportation, shipping and port activities and other international trade related activities are essential for the industry to move forward.
A mechanism for skill development in Asian region is currently introduced by the Asian Shippers' Council (ASC) in addressing the needs of the industry.
Dialogue with international organizations including International Chamber of Commerce and National Industrial Transport League has been beneficial for the industry with special focus on macro level issues.
"ACS Steering Group is involved in introducing regulations, reforms and modernization of procedures and systems for the development of the regional shipping industry," Masakorala said.