“FIEO” for High Performance Technology in Cargo Management
by Suman Gupta
Mumbai April, 2018: Federation of Indian Export Organisation “FIEO” and Cogoport, India’s fastest growing digital logistic company today has entered into 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 logistics space. The” MoU” was signed by Mr. Ajay Sahai, DG & CEO, FIEO along with Mr Khalid Khan, Chairman “FIEO” Western Region and Mr Purnendu Shekhar Founder, CEO Cogoport during Export Excellence Award in Mumbai.
FIEO will partner with Cogoport to educate the Exporter fraternity across the country and empower them through technology to help exporters save time and money. FIEO and Cogoport will work closely and to make the above initiatives.
The event was addressed by Chief Guest, Sri Suresh Prabhu Hon’ble Union Minister for Commerce & Industries, Government of India, Guest of Honour Sri C.K.Chaudhary Hon’ble Union Minister for State, Smt. Rita Teotia Hon’be Commerce Secretary, Guest of Honour Sri Saurabh Desai Hon’ble Industries Minister and dignitaries and members of “FIEO”.
Salient Feature of “MoU”:
- The purpose of this 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 FEIO 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 organizing exhibitions, seminars, workshops across India displays of samples of new products and related literature.
Cogoport is an online platform, to empower exporters & 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, the company will offer support on training for all the associated members of FIEO features concerning – 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 1year of the contract of MoU for all the members.
Further, Cogoport will offer free KYC and credit profiling along with credit extension as per the report and will be shared with the associated members if requested. Cogoport will also enable USD payments for all FIEO members for their Ocean Freight. The advantage for the exporters as recommended by Cogoport would be that exporters using the application will be able to reduce 4~5% slippage in ocean freight due to foreign exchange conversions.
About Cogoport : Incorporated in May 2016, Cogoport is an online international freight exchange that 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, custom 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 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. Government of India certified is India’s first and only online international freight logistics exchange. Cogoport is headquartered in Mumbai, India. Founder & CEO – Purnendu Shekhar & Co-founders – Kunal Rathod, Harsh Kumar & Nishant Dalmia.