HRC, Japanese Suzue Corp sign JV shipping deal

HRC Group of Bangladesh and Japan-based multinational company Suzue Corporation on Sunday signed an agreement to establish a joint venture company to operate businesses related to shipping and logistics.

HRC Group chairman and chief executive officer Sayeed H Chowdhury and Suzue Corporation chairman Takahiro Suzue signed the agreement on behalf of respective sides to establish the company named HRC-Suzue Logistics (BD) Limited.

At the ceremony, three other documents, including memorandum of association and article of association were also signed.

Chairman of parliamentary standing committee on commerce ministry Tofail Ahmed, former state minister for foreign affairs Abul Hasan Chowdhury, New Age editorial board chairman ASM Shahidullah Khan, HRC Group corporate affairs coordinator Halif Raees Chowdhury, HRC Shipping Ltd executive director SM Mahfuzul Huq and other high officials of the two companies also attended the signing ceremony.

Sayeed said the partnership between the two groups started in 2014 when the two sides signed a memorandum of understanding and a friendship alliance agreement to establish the joint venture company.

He said that the new company would primarily be engaged in shipping and logistics related business.

Governments of Bangladesh and Japan signed various trade agreements in recent years while investment of Japan is increasing in the country, he said, adding that these developments would help the joint venture companies.

Recently, the government approved the Bangladesh Flag Vessel (Protection) Act, 2019 which will allow carrying 50 per cent of trade volume between Bangladesh and another country by Bangladesh flag carrying vessels, he said.

‘This is a very big incentive for us,’ he said.

Takahiro Suzue expressed hope that the joint venture company would grow steadily and contribute to the further expansion of Bangladesh’s economy.

He said that Suzue Corporation, a 111-year old company, had already expanded its network of logistics in India, Middle East, the EU and the USA.

It currently has wholly owned companies in Mexico, the USA, France, Germany, China and Singapore.

It also has joint venture operations in Thailand, UAE, India, Myanmar, Malaysia, Indonesia, Vietnam and Philippines.

HRC-Suzue Logistics (BD) Limited is excepting to commence its operation in Bangladesh during the fourth quarter of 2019.

Speaking on the occasion, Tofail Ahmed said that trade between the two countries was very important for Bangladesh as Japan is the seventh largest exporting destination of the country with export volume worth $1.35 billion.

The joint venture agreement will help each other in expansion of business, he said.

According to the joint venture agreement, the nature of business of the company will be forwarding services for clearing and freight, shipping, warehousing services, including cold and freezing storage services, land transport and other logistical services.

 

NewAgeBD: HRC, Japanese Suzue Corp sign JV shipping deal

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