FESCO Transportation Group and DP World Russia will collaborate to implement joint projects aiming at the development of the Commercial Port of Vladivostok (CPV) which is part of the FESCO Group.
Priorities of cooperation will be the realisation of transit potential of CPV and the establishment of partnerships, including the participation of third parties, which will create a working group to prepare proposals for effective development and utilisation of capacities of the Russian port.
The agreement was signed within the framework of the Eastern Economic Forum (EEF) by Andrey Severilov, Chairman of the Board of Directors of FESCO and Sultan Ahmed Bin Sulayem, Chairman of the Board of Directors, CEO of DP World.
"We expect that joint efforts will not only help develop the existing business but will also contribute to the implementation of strategic transport projects in which FESCO participates," said Severilov.
Furthermore, Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World noted that opening up an alternative route to the Suez Canal between East and West will increase the resilience of world trade, and added that "this has great potential to develop economic activity and prosperity in Russia's far north and it must be done sustainably to protect the pristine waters of the Arctic."