LEO Global Logistics (LEO) Thailand’s leading freight forwarding and integrated logistics solutions provider, has reached a business cooperation agreement with Logistics Intelligence (Cambodia) (LogiCam), a leading freight forwarder between Thailand and Cambodia. The agreement was signed on November 23rd with the honor of Deputy Prime Minister General Prawit Wongsuwan as a witness.
This contract intends to extend LEO’s logistics business and comprehensive warehousing services. Mr. Kettiwit Sittisoontornwong, Chief Executive Officer of LEO, is confident that they would be able to build on and leap forward with strength and sustainability to become one of ASEAN’s leading logistics service providers.
The CEO revealed that LEO and LogiCam signed an agreement to jointly develop business in Cambodia and seek an opportunity to enter an M&A process. LogiCam has been operating in Cambodia for more than 30 years and has many Thai companies in Cambodia as a customer base.
Under the terms of the agreement, both LEO and LogiCam will jointly study and plan the expansion of their integrated logistics business. The scope of the operation covers international shipping services, customs clearance services, domestic transportation services, and warehouse management and distribution between Thailand, Cambodia, and other countries. Operations are expected to start in Q1/2023.
“Signing this strategic cooperation memorandum will help LEO develop a more comprehensive international logistics business with ASEAN countries. LEO sees an opportunity to grow in the Cambodian logistics industry. The country averaged more than six percent annual GDP growth over recent years and is a market with the potential to grow and opportunities to expand to new customers and business partners. It also gives entrepreneurs in Thailand more logistics options for exporting goods to Cambodia.”
LEO believes this joint venture will begin a relationship that will strengthen logistics services for both LEO and LogiCam customers and open up further opportunities for future business growth as LogiCam is a leading logistics service provider in Cambodia recognized for its quality of service. It is also LEO’s second step into neighboring countries in ASEAN following its success in Myanmar with ‘LEO Myanmar Logistics’.
“LEO is always looking for business development opportunities. Therefore, it is looking for partners both domestically and internationally to help further develop the logistics business and distribution center. LEO’s management strategy focuses on being a comprehensive logistics service provider able to adapt effectively to the current global trade and logistics situation. Moving forward according to the plan to jointly invest with business partners in Thailand and ASEAN countries through M&A plans, we aim to create exponential growth, strength, and sustainability for the company.” said Mr. Sittisoontornwong.
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