In a significant move to bolster global trade ties, Tiger Logistics (India) has formalized an agreement with Bangladesh-based Sikder Group to establish a Joint Venture (JV) for international logistics. The collaboration is a testament to the growing connectivity between the two nations, following Bangladesh's grant of permanent access to Chattogram and Mongla Port to India in April 2023.
Sikder Group, known for its involvement in the development and operations of the Mongla Economic Zone at Mongla Port, the second-largest seaport in Bangladesh, will join hands with Tiger Logistics (India) in this strategic partnership. Recognizing the escalating demand for international logistics, especially between India and Bangladesh, the agreement aims to be a catalyst for economic growth in the region.
The formalization of this partnership took place with the signing of a Memorandum of Understanding (MoU) between Tiger Logistics (India) Ltd and PowerPac Holdings Limited, a subsidiary of Sikder Group. The proposed Joint Venture will focus on establishing an international freight forwarding and logistics business, leveraging the combined expertise of both organizations. The collaboration aims to capitalize on the substantial growth opportunities presented by Bangladesh's global trade and bilateral trade with India.
India and Bangladesh share a robust trading relationship, with Bangladesh being India's largest trading partner in the subcontinent. Furthermore, India stands as the second-largest export partner for Bangladesh, constituting 12% of the total exports to the country. The total trade turnover in the fiscal year 2023 reached an impressive $14.22 billion, underscoring the economic significance of this collaborative endeavor between Tiger Logistics and Sikder Group.