CARGOCONNECT-APRIL2025 - Flipbook - Page 61
N EWS
India-New Zealand resume FTA talks,
aim for 10X trade growth
N
ew Zealand PM Christopher Luxon announced
plans to sign a Free Trade
Agreement (FTA) with India
within 60 days, aiming to increase
bilateral trade tenfold in a decade.
Resumed after a decade, the FTA
focusses on duty concessions for
dairy, wine, apples, and kiwi,
with Commerce Minister Piyush
Goyal emphasising economic
complementarities as bilateral
trade reached US$873.4 million
in FY24. The agreement also aims
to enhance supply chain resilience by improving connectivity
through optimised maritime and
air cargo operations, enhancing
logistics e昀케ciency with digital
tracking and streamlined customs, diversifying supply sources
to mitigate global disruptions,
and focusing on critical minerals
and pharmaceuticals to secure
essential resources and drive
innovation. By addressing these
areas, the FTA is expected to create stronger economic ties and
smoother trade 昀氀ows, ensuring
long-term business growth for
both nations.
Prologis to invest
US$500 million in
India’s warehousing
sector by 2026
Inc., the world’s
Pplansrologis
largest warehouse owner,
to invest US$500 million
in India by 2026, with potential
expansion to US$1 billion over
seven years. The company aims
to develop warehousing parks
and build-to-suit facilities
in Delhi, Mumbai, Pune,
Bengaluru, and Chennai. It
has acquired 270 acres across
Sriperumbudur, Hosur, and
Hoskote in partnership with
RMZ Corp. Entering India in
2023, Prologis sees economic
growth and regulatory support
as key drivers. Competing
with Indospace, Blackstone’s
Horizon, and ESR India, its entry
is expected to significantly
boost India’s Grade A
warehousing sector.
Sarbananda Sonowal highlights India's Maritime
Vision at Singapore Maritime Week
U
nion Minister Sarbananda Sonowal joined
global maritime leaders at Singapore Maritime
Week (SMW) to discuss strategies for a secure,
sustainable, and prosperous maritime future. He
emphasised strengthening maritime connectivity,
supply chains, and advancing green, digital shipping
through initiatives like ONOP, NLP (Marine), and
MAITRI. India is partnering with the UAE and
Singapore to develop Virtual Trade Corridors for
seamless cargo movement. Sonowal highlighted
India's US$ 20 billion investment in logistics and port
connectivity, aiming for a top-昀椀ve global shipbuilding
rank by 2047 and increasing global cargo share
from 6% to 15%. India is also developing Green
Hydrogen Hub Ports and leading the IMO’s Green
Voyage 2050 initiative. He met key Singaporean
Japan’s Mitsubishi
Chemical Group eyes
India’s semiconductor
and EV supply chain
market
ministers and industry leaders to boost trade,
shipbuilding, and maritime 昀椀nance. Committed to
sustainable maritime growth, India is advancing
Green Shipping Corridors, including the proposed
India-Singapore Green and Digital Corridor.
Jindal Stainless and M1xchange partner to
strengthen supply chain ecosystem
J
indal Stainless has
acquired a 9.62% stake
in M1xchange, an RBIlicensed TReDS platform.
This investment, comprising primary capital and
secondary share purchases,
aims to enhance liquidity
and streamline digital
supply chain 昀椀nancing for
MSMEs. Jindal Stainless
will leverage M1xchange’s
solutions to optimise its
working capital cycle and
digitise 昀椀nancial operations. The partnership will
empower JSL’s suppliers
and customers with faster,
a昀昀ordable credit access,
reinforcing its commitment to industry growth
and 昀椀nancial inclusion.
Mitsubishi Chemical
JIndia’sapan’s
Group plans to enter
semiconductor and
EV supply chain, CEO Manabu
Chikumoto announced at the
Bengal Chamber of Commerce
event. The group is exploring
partnerships and requires
government support for
the proposed project, with
no location finalised yet.
Chikumoto, who previously led
MCPI India, emphasised carbonneutral and green technologies
as key focus areas. MCPI,
a major PTA producer, was
acquired by TCG, which also
owns Haldia Petrochemicals.
Mitsubishi aims to expand its
presence in India, aligning
with the government’s push
for semiconductor growth and
sustainable innovation.
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