Is it possible to setup a two way interface to MS Project?

I am looking to build up the project in MS Project (task setup, dependancies etc) then import it into Zoho Projects.  Then use ZOHO projects for things like time entry against a task and then export that info back into MS Project.

Effectively make Zoho the collaboration engine for a project with still using MS Project for the Project Management work...this gives me the best of both worlds...collaboration from Zoho and a full featured PM tool for reporting and building up the project.