Cosco Group and Fujian provincial authorities in Fujian have recently signed a framework agreement to co-operate in the development of the province's ship building, terminal construction, logistics and shipping sectors, Xinhua reports.

Cosco also plans to invest another CNY5 billion (US$647.37 million) in Fujian's shipping and logistics industries after investing CNY10 billion in the province in the past.

To strengthen its liner shipping activities, Cosco (Guangzhou) intends to team up with shipping companies based in Fujian to raise the volume of international trade through Fuzhou, also investing in projects that will strengthen to Taiwan.

With regard to shipbuilding, Cosco plans to seek co-operation with Fujian shipbuilders through mergers, investment and share expansion. So far Fujian Shipbuilding Industrial Corporation and its affiliated shipyards have agreed to give priority to Cosco orders.

Cosco also intends to build container vessel berths at Fuzhou's Jiangyin Port and at a bulk cargo transfer centre at Fuzhou's Kemen Port together with unidentified investors. This will help facilitate Cosco's goal of turning Fujian's seaports into major transhipment bases for the group in southeast China.

As far as the province's logistics industry is concerned, Cosco plans to participate in the construction of logistics centres in Fujian, and cooperate with Fujian businesses in the development of bonded areas, warehousing and distribution.