The Federation of Indian Export Organisations (FIEO) and Cogoport – a fast-growing Indian Digital Logistics Company – have signed recently a Memorandum of Understanding (MOU) to collaborate, cooperate and interact for deployment of high performance technology that offers fundamental cargo management service to FIEO members in fostering a mutual benefits, collaborative framework operating in the logistics space.
The MoU was signed by Purnendu Shekhar, Founder and CEO, Cogoport, and Ajai Sahai, DG&CEO, FIEO along with Khalid Khan, Chairman, FIEO, Western Region, recently in Mumbai.
The 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, the FIEO officials said.
Describing Cogoport as an online platform for empowering exporters & importers to move goods globally in a transparent and hassle-free manner while saving time and money, Shekhar said Cogoport will offer FIEO members free and complete access of the online technology application for one year with demo up to 2 members per associated company.
Cogoport will offer support on training for all FIEO associated members in features like: 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, he said.
Cogoport will offer free KYC and credit profiling along with credit extension as per the report, and also enable US$ payments for all FIEO members for their Ocean Freight, Shekhar said, adding that 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.
Shekhar told media that while datasciences help collate information and predict with accuracy India’s exports, artificial intelligence has proved to be a big helper and using the IOT in the natural system helps the chain connect with one technology or the other.
“We have 3100 customers and utilization of funds will go into technology and expansion into different geographies. E-commerce has huge potential as one of the booming sectors and witnessed around US$ 25 billion export through this mode. Farmers too will hugely benefit through exports to the international market while also displaying their products. Logistics are our main challenge and we are focusing on necessary infrastructure. Also Government incentives will be faded out and there is a need for the concerned Ministry to provide funding for marketing/technological development. We need to move from export-centric subsidy to product-based subsidy,” he said.
Cogoport is India’s first and only online international freight logistics 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. 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 and allowing customers to compare rates and book shipment as well as track it with the click of a button.
