Thailand has inaugurated its first inland river port with an initial investment of $23.55m.

The port, located in Ayutthaya, has been equipped with four cranes with a total loading capacity of 450,000TEU a year.

The country expects the waterways export to help reduce costs by up to 20%.

The port will also reduce congestion at Lat Krabang ICD, which annually handles 1.6 million containers.

The second phase of construction has been scheduled for 2010 with $20.6m investment.