Joint Venture Agreement Signed between Tiger Logistics (India) and Sikder Group to Boost Global Trade

In a significant move aimed at enhancing global trade, Tiger Logistics (India), a leading homegrown logistics company, has recently entered into a strategic partnership with Sikder Group, a prominent business conglomerate based in Bangladesh. This collaboration paves the way for the establishment of a joint venture (JV) that will focus on international freight forwarding and logistics services, capitalizing on the growing opportunities in Bangladesh’s global trade sector and its flourishing bilateral trade relationship with India.

Strengthening Connectivity between India and Bangladesh

Tiger Logistics
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The agreement between Tiger Logistics (India) and Sikder Group represents another milestone in the strengthening of connectivity and trade ties between India and Bangladesh. Since April 2023, when Bangladesh granted India permanent access to Chattogram and Mongla Ports, the two nations have witnessed a substantial increase in trade volume. This favorable development has laid a solid foundation for further collaboration in various sectors, with logistics playing a crucial role in facilitating smooth trade operations.

Empowering Economic Growth in the Region

Recognizing the mounting demand for efficient international logistics services, particularly between India and Bangladesh, Tiger Logistics (India) aims to play a pivotal role in stimulating economic growth in the region. As the second-largest seaport in Bangladesh, the Mongla Port, operated and developed by Sikder Group, holds immense potential for fostering trade activities. By leveraging their collective expertise and resources, the two companies envision bolstering the logistics landscape and creating a seamless global trade network.

Memorandum of Understanding and the Path Ahead

To solidify their strategic partnership and outline the framework for their joint venture, Tiger Logistics (India) and Sikder Group have signed a Memorandum of Understanding (MoU). According to the exchange filing, the companies intend to establish an international freight forwarding and logistics business, unleashing the full potential of Bangladesh’s global trade prospects while tapping into the vast opportunities presented by bilateral trade between India and Bangladesh.

 

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The Impact on India-Bangladesh Trade Relationship

Bangladesh holds the distinction of being India’s largest trading partner in the subcontinent. Testament to the robust trade ties between the two nations, the total trade turnover in FY23 reached an impressive USD 14.22 billion, as reported by Tiger Logistics (India). This joint venture will undoubtedly contribute further to the strengthening of the India-Bangladesh trade relationship, and with its focus on logistics, it promises to enhance the efficiency and effectiveness of cross-border trade operations.

About Sikder Group

Sikder Group, apart from its involvement in the development and operations of the Mongla Economic Zone at Mongla Port, is a diverse conglomerate with interests spanning multiple industries. With a strong presence in banking, insurance, healthcare, international trading, power generation, and infrastructure development, Sikder Group brings a wealth of experience and expertise to this joint venture, further reinforcing its potential for success.

 

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The Joint Venture between Tiger Logistics (India) and Sikder Group is a significant step towards propelling global trade and enhancing trade relations between India and Bangladesh. By leveraging their respective strengths and resources, both companies are poised to revolutionize the international freight forwarding and logistics sector. With a focus on creating a seamless and efficient network, this partnership aims to unlock immense potential in Bangladesh’s global trade landscape while strengthening the bilateral trade relationship between India and Bangladesh.

 

Source:indiatimes.com

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