The approved memorandum delineates the responsibilities of the Maritime Ports Administration National Company in initiating the necessary steps for approval documentation related to the project.

Hong Kong's port faces declining cargo amidst competition Hong Kong's port faces declining cargo amidst competition

Notably, in September 2023, an investment of nearly US$300 million was sanctioned to augment the port's operating capacity.

Recently, on February 16, the government approved an allocation exceeding US$200 million for dredging works. These crucial activities are intended to bring the basins and navigable channels in Constanta Port to the projected level, ensuring optimal conditions for maritime activities.

Transport Minister Sorin Grindeanu shared that the overall cost of the project is estimated at around €1.12 billion (US$1.22 billion). He highlighted the project's high importance, emphasizing streamlined procedures and expedited permits for its realization.

It will boost the volume of commercial exchanges

Grindeanu explained, "The project will facilitate the operation of large-capacity ships at approximately 17 newly created berths on Pier III South and Pier IV South due to the large water depths in the area of the newly built quays."

The minister emphasized that achieving the investment objective would lead to a notable increase in the capacity of maritime transport of goods, subsequently boosting the volume of commercial exchanges.