Homegrown Tiger Logistics (India) on Friday said it has signed an agreement with Bagladesh-based Sikder Group to establish a Joint Venture (JV) for global trade.

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Sikder Group handles the development and operations of the Mongla Economic Zone at Mongla Port, which is the second-largest seaport in Bangladesh, Tiger Logistics (India) said in an exchange filing.

The development comes in continuation of the strengthening of connectivity between the two nations, as Bangladesh granted India permanent access to Chattogram and Mongla Port in April 2023.

Recognising the increasing demand for international logistics, particularly between India and Bangladesh, the company aims to play a pivotal role in stimulating economic growth in the region.

Tiger Logistics (India) Ltd announced the signing of a Memorandum of Understanding (MoU) with PowerPac Holdings Limited, a concern of Sikder Group, Bangladesh, to formalise a strategic partnership and establish a joint venture (JV) in the logistics sector for global trade, the filing said.

"The companies plan to enter into a Joint Venture to establish an international freight forwarding and logistics business, leveraging the collective expertise of both the organisations and capitalising on the growth opportunity of Bangladesh's global trade as well as bilateral trade with India," it said.

Bangladesh is India’s biggest trading partner in the subcontinent, and India is the second-biggest export partner, accounting for 12 per cent of the total exports to Bangladesh. The total trade turnover in FY23 touched $ 14.22 billion.