News Details

Transworld Group & Suzue Corporation sign joint venture agreement

To cover international supply chain management, freight forwarding, warehousing & distribution services, land transport, other related logistics services & development of Gulf-Japan trade lane

 

UAE-based global conglomerate Transworld Group and Yokohama, Japan-based Suzue Corporation have signed a strategic agreement for the formation of a joint venture company to explore the growing logistics business opportunities within the Gulf region, Indian Subcontinent and Japan.

 

The agreement was signed in Dubai by Mr Ramesh S. Ramakrishnan, Chairman of Transworld Group, and Mr Takahiro Suzue, President and Representative Director of Suzue Corporation.

 

Under the agreement, Transworld Group and Suzue Corporation will incorporate a joint venture company at Jebel Ali Free Zone in Dubai to focus on the Gulf region, Indian Subcontinent and Japan. The company will provide comprehensive services to their global customers in supply chain management, international freight forwarding, Customs clearance, warehousing and distribution, land transport and other related logistics services. It will also have a focus on land bank development for commercial purposes in the Middle East, Indian Subcontinent and Japan.

 

Commented Mr Ramesh S. Ramakrishnan: "Our joint venture agreement with Suzue Corporation assumes strategic importance due to the enhanced trade ties between UAE, India and Japan. The UAE, for instance, has established a joint working committee to coordinate policies in a wide range of areas from defence, nuclear energy, oil, security, health and trade with Japan. This joint venture between Transworld and Suzue Corporation will provide comprehensive logistics services to enhance the trade involving UAE, Japan and India."

 

The geographical region covered by the agreement will initially include Gulf Cooperation Council (GCC) countries, Indian Subcontinent and Japan, with the possibility of extending it to other South-East Asian nations.

 

Mr Takahiro Suzue emphasised: "Our joint venture alliance with Transworld Group will bolster our presence in the dynamic and growing markets of Indian Subcontinent and Gulf region and we will synergise our experience and expertise to extend the services in this region and beyond."

 

He continued: "Suzue Corporation, established in 1908, is a key player in the Japanese shipping and logistics business. With the possibility of trade growing manifold between Japan, UAE and India, Suzue Corporation, together with Transworld Group, will play a key role in that trade development, specifically in the shipping and logistics space."

 

Under the joint venture agreement, Suzue Corporation will handle the business development and logistics services in Japan; and Transworld Group’s logistics arm, Transworld Logistics FZE, will handle operations in the United Arab Emirates and the Gulf region. The businesses in the Indian Subcontinent will be managed by Transworld Group’s Shreyas Shipping and Logistics Ltd.

 

In 2016, bilateral trade between UAE and Japan stood at $25 billion (Dhs 91.8 billion), representing 32 per cent of Japan’s trade with Middle Eastern countries. UAE represents nearly a third of Japan’s trade with countries in the Middle East.

 

With Japan’s commitment to invest $ 35 billion in India through public and private funding over the next five years for developmental projects, and the ambitious "Make in India" scheme, there is renewed interest in partnerships between both countries.

 

The joint venture between Transworld Group and Suzue Corporation is a strategic step to benefit from the growing business ties between UAE, Japan and India, emphasised a release.

 

Source: Exim News Service - Dubai, March 19

Search News

Currency Import Export
U.S.Dollar 65.02 64.13
U.K.Pound 84.74 82.96
Euro 73.19 71.92

As On 25th May, 2017

more forex rates...

Currency Import Export
U.S.Dollar 65.30 63.60
Sterling Pound 85.05 82.20
Euro 73.10 70.60

w.e.f. 19th May, 2017

more custom rates...

CURRENT EVENT