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PHILIPPINES President Gloria Macapagal Arroyo has made a tour of inspection of the Filipino-owned Yantai Rising Dragon International Container Terminal (YRDICT), the first modern box handling facility in Yantai, the capital of Shandong province.
Manila's global port operator International Container Terminal Services Inc (ICTSI), through its holding company ICTSI (Hong Kong) Ltd, signed a joint venture contract in January with Yantai Port Group to purchase of 60 per cent of its share in Chinese port operator Yantai Gangtong Container Terminal Co. Ltd.
The joint venture contract, with a term of 30 years, was approved by the Chinese government in March, reported the Philippine Information Agency.
YRDICT is ICTSI's first China venture, and is the first Filipino investment in the Chinese port market. The joint venture is also a manifestation of the growing trade ties between China and the Philippines.
Upon her arrival at the facility, President Arroyo signed in the guest book of the port terminal after which she was briefed by ICTSI chairman Enrique Razon on the investment progress of the Filipino-owned company.
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