Reducing logistics cost will help manufacturing & exports: FIEO Chief
New Delhi, Mar 23 (KNN) The logistics cost in India is about 14 per cent of GDP as against the international benchmark of 8-9 per cent, hence lowering its cost will help the manufacturing and export sector, said Dr A Sakthivel, President, Federation of Indian Export Organisations (FIEO).
He said that the government is focusing on addressing the cost through various measures which have already started yielding results.
Government is implementing the dual Bharatmala (road network) and Sagarmala (waterways network) to improve logistic backbone, he added.
FIEO Chief was speaking at the LOGIX India programme in UAE wherein Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, UAE inaugurated the event.
"India-UAE Comprehensive Economic Cooperation and Partnership Agreement (CEPA) shall result in accelerated trade and investment and shall open a new world of opportunities," said Zeyoudi.
He said India is UAE's largest Non-Oil Trade partner and the future is bright for India-UAE collaborations in Global supply chain logistics.
Ahmed Mahboob, Director General of Dubai Customs and the CEO of Ports, Customs and Free Zone Corporation said, "UAE has made significant progress in technology upgradation in customs and logistics sector and looks forward to support India in its mission for logistics sector transformation,
Complementing FIEO on organising LOGIX India in UAE, Sandeep Kumar Bayyapu, Deputy Chief of Mission, Indian Embassy, UAE mentioned, "The Indian economy is on the upswing. Indian logistics companies should form good partnerships with UAE companies and take advantage of technical expertise available in the region.”
About 100 Indian companies are in UAE at the 3rd Edition of LOGIX India to meet their prospective trade partners and FIEO is playing a key role to facilitate trade and investments in the sector, highlighted Dr Ajay Sahai, Director General & CEO, FIEO. (KNN Bureau)