Dubai, Japan firms sign MoU to explore business in India

An Indian-owned business house has signed an MoU with a Japanese company to form a joint venture for exploring business opportunities in the logistics sector within the Indian subcontinent apart from Middle East and Japan.

Transworld Group and Yokohama-based Suzue Corporation have signed a Memorandum of Understanding for the formation of a joint venture company which will capitalise in providing services like international freight forwarding, customs clearance, warehousing services, land transport services and other related logistic services.

"The agreement assumes importance due to the enhanced trade ties between Japan and India strengthened by the visit of Prime Minister Narendra Modi to Japan in September 2015 and the impending visit of Prime Minister Shinzo Abe to India this month," said Strategy and Planning Director of Transworld Group, Ritesh S Ramakrishnan.

"We will utilise our experience and expertise in the Middle East to extend the services in this region too. With the possibility of the introduction of shinkansen (bullet train) technology in India, enhanced defence ties and negotiations for a civil nuclear cooperation agreement that would pave the way for exporting Japanese reactors to India, the two-way trade is expected to grow manifold and we hope to play a key role in that space," said Ramakrishnan.

While Transworld Group's logistics arm in the Middle East, Transworld Logistics FZE, will handle operations in the United Arab Emirates and Middle East, Shreyas Shipping and Logistics Limited, part of Transworld Group, will manage the business in the Indian Sub-continent and Suzue Corporation will oversee the Japan end.