Mainland consortium invests big in Taiwan port

BEIJING - Three shipping heavyweights from the Chinese mainland have agreed to invest $135 million in a key port in Taiwan, a senior official said Monday.

The China Ocean Shipping (Group) Company, China Shipping (Group) Company and China Merchants Group jointly purchased 30 percent equity in the Kao Ming Container Terminal Corp of Kaohsiung Port, Taiwan's largest port.

Kaohsiung Port is controlled by the Yang Ming Line, Taiwan's second biggest container shipping line.

The four companies held a delivery ceremony on Jan 4, marking the start of the joint management of the terminal, Li Shenglin, honorary director of the Cross-Straits Shipping Exchange Association and the Chinese mainland's former minister of transport, told Xinhua.

The investment marks the largest investment in Taiwan by Chinese mainland companies as well as the first time that any Chinese mainland companies have invested in infrastructure in Taiwan.

Li said the alignment is of crucial significance in deepening cross-Straits shipping and economic ties and promoting bilateral investment.

It will also enhance shipping companies' competitiveness and strengthen Kaohsiung Port's position as a transportation hub, he added.

Four 100,000-ton-container-berths are planned for the Kao Ming Container Terminal. Upon completion, the annual cargo capacity could reach 2.8 million TEU. The plan has been approved relevant authorities.

Shipping and logistics between the two sides have boomed, as cross-Straits relations have witnessed a peaceful, stable situation in recent years.

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