Kamarajar Port and Japanese carmaker Toyota have signed a Memorandum of Understanding (MoU) on the 3rd of March to import and export the company's cars.
This MoU was signed in the presence of India's Union Minister of Road Transport, Nitin Gadkari. The minister said that Toyota is exploring more countries to export vehicles, apart from South Africa.
This MoU is a ten year agreement, renewable every 5 years.
Toyota, which was earlier exporting cars from the Chennai port, shifted here to Kamarajar port due to congestion. Exports from Kamarajar port is expected to touch 26,000 units this fiscal.
Another main point to be noted is that Kamarajar port has similar long term agreements with other carmakers like Nissan and Ford, for exports of their vehicles.
The agreement between Kamarajar port and Nissan happened in 2013, while Ford has had an agreement since 2014. After looking at the success Ford and Nissan has had, Toyota has come forward for an agreement of a similar manner.