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FIEO & Cogoport ink MoU to technologically empower exporters in cargo management

 

The Federation of Indian Export Organisations (FIEO) and Cogoport, India’s fastest growing digital logistics company, last week entered into a Memorandum of Understanding (MoU) to collaborate, cooperate and interact for the deployment of high performance technology to offer fundamental cargo management service to enable members, for their mutual benefit, to foster a collaborative framework operating in the logistics space. The MoU was signed by Dr Ajay Sahai, DG and CEO, FIEO, along with Mr Khalid Khan, Chairman, FIEO Western Region, and Mr Purnendu Shekhar, Founder, CEO Cogoport, at a function in Mumbai on April 20, 2018.

 

FIEO will partner with Cogoport to educate the exporter fraternity across the country and empower them through technology so that they can save time and money. FIEO and Cogoport will work closely in this initiative.

 

Salient features of the MoU:

 

* The purpose of the MoU is to define the areas for fundamental, cargo management in which the parties desire to work together in the future for their mutual benefit to foster a collaborative framework between FIEO and Cogoport in the field with a view to benefiting from each other’s initiatives and working procedures, and to support collaboration among the members associated with both parties. The purpose of the MoU is to establish the terms and conditions under which the export promotion activities would be supported by bringing freight digitisation in the country.

 

* Both parties will keep constant and close contact with each other, provide each other with information related to trade, technology transfer and economic cooperation.

 

* The parties will recommend and introduce to each other opportunities for cooperation and partners for investment and trade. They will encourage and assist their respective enterprises to cooperate with their counterparts in the form of joint ventures and other arrangements.

 

* The parties will cooperate in organising exhibitions, seminars and workshops across India, displays of samples of new products and related literature.

 

Cogoport is an online platform that empowers exporters and importers to move goods globally in a transparent and hassle-free manner, save time and money. Cogoport will offer FIEO members free and complete access of the online technology application for 1 year with demo up to 2 members per associated company. Further, it will offer support in training for all the associated members of FIEO in features such as instant rates, vessel schedules, container tracking, MIS, document wallet, analytics around current and historical shipments, RFQ management, convenient payment, dashboard feature, and also revisions whenever made. Any new chargeable features will remain free of cost for 1 year of the contract of MoU for all the members.

 

Further, Cogoport will offer free KYC and credit profiling along with credit extension. It will also enable dollar payments for all FIEO members for their ocean freight. Exporters using Cogoport will be able to reduce the 4-5 per cent slippage in ocean freight due to foreign exchange conversions, said a release.

 

Incorporated in May 2016, the Mumbai-headquartered Cogoport is an online international freight exchange offering pan-India services. It uses cutting-edge technology to make the most cost-effective match between exporters and importers on one hand and ocean and air freight carriers on the other. The platform also enables price comparison for trucking, Customs and inland docking charges. Technology-led solutions aimed at offering enhanced business experience are at the heart of the brand’s value proposition. Combining technology and data, the platform’s complex algorithm takes into account millions of line items such as prices, transit times, vessel details for one lakh port pairs across the world and hundreds of suppliers, among other variables, to discover the best freight rates for customers by offering price comparison across players. The platform allows customers to compare rates and book shipment as well as track it at the click of a few buttons. The government of India has certified it as India’s first and only online international freight logistics exchange, the release highlighted.

 

FIEO is the apex body for promoting India’s international business. The government of India is its partner organisation in the national export effort.

 

Source : Exim News Service - Mumbai, April 22

 

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