The Global Coalition for Efficient Logistics – a Swiss-based nonprofit organization with its MENA headquarters in Beirut is developing a comprehensive digital platform, dubbed Hummawealth, which can save about billions of dollars in trade and logistics.
Samuel Salloum, co-founder of Global Coalition for Efficient Logistics, explained that the online platform aims to achieve a double-digit figure in Lebanon alone. As a result of the system, Lebanon can bring down the cost of import and export by 12% to 16% and operating cost by 15%. This translates to a saving of about $1 billion.
The figures are far more impressive at global level. The savings on cost of trade is pegged around $691 billion a year and over $6 trillion from new markets. The system would be made available to end users free of cost.
The present status of the international logistics industry is similar to that of aviation industry before going online. Logistics industry failed to utilize today’s technological advances.
Hummawealth, to be functional early 2015, have already gathered a strong alliance of top information technology firms, banks, insurance companies, Economic Union. Key international players such as ASEAN, Arab League, Union for Mediterranean have come forward to promote the system.
The software will be open-source and is built cooperatively by 12 of the largest software enterprises. Each of the 12 “gateways” will provide the system to their clients and will be deployed it globally free of cost to users. GCEL is preparing for a second pilot project connecting India and Indonesia’s trade.