Alibaba Group Holding Ltd (NASDAQ:BABA) has launched a trade facilitation center in India to help small and medium enterprises in the country. This news comes just after the ‘Make in India’ campaign. The new TFC (trade facilitation center) is supposed to provide better trade services under one platform by providing one stop solution for SMEs. The company has also partnered with several Indian companies to help in the process.
Partnership with MYPACCO
The company has partnered with MYPACCO, a logistics solutions provider based in Mumbai. MYPACCO will be the logistics partner and will have the responsibility to provide services like freight forwarding, documentation, customs clearance, warehousing as well as transportation to third party logistics services. Vinay Bhartia, CEO of MYPACCO, commented that with the services of the company small businesses can focus on what they do best.
Partnership with ICICI bank
ICICI bank is the finance partner in this venture of trade facilitation center. The bank will provide financial services to the trade platform. The members will be able to gain quicker access to loans, foreign exchange transactions, cash management, cross border remittances and bank guarantees. The banking partner has also announced special rates and discounts for the members of this service.
Alibaba Group Holding Limited (NASDAQ:BABA) is tapping into the potentially rewarding market of SMEs in India. The trade facilitation center will serve as a guide to establish business in complex trade environment of the country, according to the company.
The company is trying to broaden its presence in India. Recently it acquired 25% stake in Paytm to allow sellers from China to feature their goods on the Indian platform. This recent partnership with Indian companies and banks is a step forward in business collaborations. Indian companies will also benefit from the business framework of this global retailing giant.
Sources: Deccan Herald