COSCO Shipping Ports Co Ltd, the government of Haicang district in Xiamen city and Haicang Investment Group Co Ltd – all located in the Xiamen Area of China (Fujian) Free Trade Zone – recently combined forces.
They signed a memorandum of understanding on strategic cooperation, in a bid to develop an international supply chain platform in the zone – located in the city of Xiamen, in East China's Fujian province.
Prior to that, COSCO signed a contract to build an international logistics supply chain headquarters there – costing 600 million yuan ($87.29 million) – at the 22th China International Fair for Investment & Trade held in Xiamen on Sept 8, 2022. The latest MOU signing, however, marks the start of operations.
COSCO signs up to build a logistics supply chain center at the 22th CIFIT on Sept 8, 2022. [Photo/xmnn.cn]
In assessing the strengths of all parties, COSCO is a world-class ports operator while Haicang district is home to 29 shipping berths for 10,000-ton ships and has launched 70 international and domestic shipping routes. Meanwhile, Haicang Investment Group has taken the lead in developing the Haicang port logistics system.
Haicang port's great location and excellent business environment is seen as laying the foundations of the supply chain platform. [Photo/WeChat ID: jinrihaicang]
According to local authorities, the implementation of the international supply chain will give a fresh impetus to Xiamen's development. It is projected to generate a combined 200 million yuan in tax revenue in five years. As a result, the sales of related enterprises in Xiamen are expected to reach over 10 billion yuan.
Moving forwards, plans are for the Xiamen Free Trade Zone administration committee to advance its work in offering incentives in terms of shipping, finance, logistics and trade – in order for the zone to become a magnet for shipping businesses.