FedEx Life Sciences' chief calls for regulatory, tax support from India

2012 03 02


FEDEX Express is setting its sights on expanding in India's pharmaceuticals sector, according to Richard Smith, managing director of the company's Life Sciences and Specialty Services division.

To facilitate the company's goal of supporting India's export trade, Mr Smith says, "The government has got to make it easier to do business from a regulatory and tax standpoint."

According to Mr Smith, "India is an extremely important market for FedEx, and we believe it is the place to be in," he was quoted as saying in a report by India's Business Today.

"We are bullish on India not just as an export market but also as a consumption market. India is already a huge export market and we are hoping to see the import and intra-India business starting to grow soon. We believe that there are opportunities in several key sectors such as e-commerce, pharmaceuticals and health care as well as gems and jewellery, which we think can propel the growth of the express logistics industry in India," he said.

"Right now there is a trade imbalance with India and China. We would like our purple-tail flights to go back and forth very, very full."

He added: "We can connect manufacturing hubs, which have shifted to emerging markets like India and Eastern Europe, to any part of the world in one or two business days. This is a huge advantage for pharma because pharma is perishable, high value, and is often shipped in large quantities."

"We continue to add more points in India and around the world, especially as we take possession of our new Boeing 777s, which can fly farther, with bigger payloads. Last year, we acquired AFL, adding significant logistics and warehousing capabilities. We will gear that towards healthcare and high-tech, both high-value industries that are a good fit for express transportation. We are also offering targeted services that health care customers need. This includes prevention of theft, which is possible if we have custodial control. It also allows us to do things like protect temperature, useful in climates like India's."

Source Shipping Gazette - Daily Shipping News

 

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