On the 14th, Favors Global, a subsidiary of Favors Group, announced that it has signed a strategic memorandum of understanding (MOU) with Ecovis to establish a logistics hub in Central Asia.
The three corporations plan to establish an aviation and land-based combined logistics network connecting countries across the Commonwealth of Independent States (CIS) through this agreement. The CIS is a coalition that includes Russia, Belarus, Uzbekistan, and Kazakhstan, excluding some countries from the 15 republics of the former Soviet Union.
Founded in 1993, Ecovis primarily engages in international logistics, customs agency, inland transportation, and supply agency. It currently operates logistics warehouses in major CIS countries and has secured a stable regional logistics infrastructure.
Favors Group is a total human life care corporation. Domestically, it engages in HR business and operates various infrastructure and logistics businesses overseas. In Central Asia, it is responsible for passenger and cargo operations on the Incheon-Kyrgyzstan route operated by T’way Air. It is also expected to manage passenger and cargo operations on the new Incheon-Tashkent route launching in May.
Favors Group is engaged in various projects throughout Southeast Asia, including Malaysia's water resources projects, landfill maintenance and development projects, waste landfill development and state-owned trade business in Indonesia, and the environmental industry.
Kim Ik-jun, CEO of Ecovis, noted, "Our longstanding goal has been to develop Tashkent into a logistics hub for Central Asia. We expect synergy from collaborating with Favors Group, which has an aviation logistics network."
Im Seong-bin, president of Favors Global, said, "By combining Ecovis's local experience with Favors Group's overseas business expertise, we will expand the Korean Wave market into Russia and the Silk Road region of Central Asia."