| | MAY 20238The Russian shipping business Fesco and the Indian logistical group Saksham have formed a deal to focus on the expansion of seaborne freight from India to Russia, according to sources."The parties have plans to organize direct marine services from Mundra and Nhava Sheva ports to Novorossiysk and St. Petersburg ports and in the reverse direction, and to study a potential cargo base between Chennai and Vladivostok ports for the opportunity of launching a marine shipping service on this route", Fesco said.The companies also intend to collaborate on the development of IT solutions for maritime shipping and the Vladivostok Commercial Seaport."Marine services we plan to launch with Indian colleagues will create a reliable base for expansion of the cargo turnover and the range of goods between our countries", Fesco Board Chairman Andrey Severilov said, cited by the press service.FESCO Transportation Group is a Russian intermodal transport provider that offers services such as maritime shipping, roll-on/roll-off, rail transportation, and port handling. Far-Eastern Shipping firm JSC is the Group's parent firm. The FESCO Group is based in Moscow.The Far-Eastern Shipping Company serves as the group's foundation. In 1880, the enterprise was created in Vladivostok. The Goa Chamber of Commerce and Industry (GCCI) and the Limassol Chamber of Commerce and Industry (LCCI) joined forces on Thursday in an effort to boost business and investment between Goa and Cyprus. The two trade associations signed an MoU with the intention of fostering trade and economic ties.The second-largest city on the Mediterranean island of Cyprus is Limassol, which is located on its southern coast. The MoU's signing was witnessed by Madhumita Bhagat, the high commissioner of India to Cyprus, who called the occasion historic."Ours is a time-tested and traditional relationship, and I think the mainstay of our relationship in the last few years has been our commercial and business ties", said Bhagat. "So we feel that the Goa chamber of commerce has come at an opportune time, and we feel that there will be a lot of focused cooperation between the chambers of Goa and Limassol".With a total investment of about $12 billion during the previous 20 years, the Republic of Cyprus ranks as the 10th largest foreign direct investor in India. Iron, steel, chemicals, pharmaceuticals, fisheries, ceramics, electrical machinery, and IT services are all traded between the two nations. Bilateral commerce between the two countries was worth $140 million in 2021 before rising to $214 million in 2022. Organic chemicals, pharmaceuticals, fisheries, ceramics, and electrical apparatus and equipment are some of India's top exports."We see this signing of an MOU as a major step in enhancing trade within Cyprus and India, and more specifically Goa", said GCCI president Ralph de Sousa.According to the MoU, GCCI and LCCI would promote "Effective and systematic consultation and cooperation", particularly with regard to changes in trade and investment policy. Additionally, business delegations and trade promotion activities could be supported by the industry bodies in their home nations. INDIAN, RUSSIAN COMPANIES INK PACT ON SEABORNE TRANSPORTATIONCYPRUS & GCCI SIGN MOU TO PROMOTE BUSINESS TIES & TRADEIN FOCUSIN FOCUS
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