The Thai-Italian Chamber of Commerce (TICC) and FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) and one of the world’s largest express transportation companies, recently formalized an official logistics collaboration at the FedEx Express head office in Bangkok, Thailand. The collaboration solidifies FedEx as TICC’s main partner for logistics and shipment services, signaling the first step for future prospects and opportunities.
Logistics is an important factor for increasing transportation efficiencies and reducing costs in the entire supply chain. This collaboration will ensure smooth and seamless trading between the two countries, offering TICC members and the business community peace of mind throughout the shipment journey.
Michele Tomea, Secretary General of the Italian Chamber of Commerce in Thailand, hailed this as a momentous milestone as businesses can now count on FedEx for the viability of their shipment transfers.
Prior to the COVID-19 pandemic, Thailand exported $1.73B worth of shipments to Italy in 2019 while Italy exported $1.9B worth of shipments to Thailand. The exports from Thailand to Italy have exhibited a positive trend with an average increase of four percent every year since 1995, while Italy’s exports to Thailand have increased at an annualized rate of 1.84 percent.
Market research data are indicative of Thai products and services having huge demand potential in Italy as well as in the broader European market. Powered by FedEx, logistics and cross border delivery will be made easier across various shipment types such as packages, documents, and goods in general. Aimed at value-adding at every stage of the supply chain, this collaboration seeks to provide additional ease in doing business for both TICC members and the broader business community.