A Logistics joint venture initiated by government of Qingdao and Korea's Incheon has held a ground-breaking ceremony in Qingdao, Logistics Week reported.
Investment in the US$15 million joint venture, called Qingdao Sino-Korea International Logistics Co Ltd came from both countries. It has a registered capital of $10 million and will have a bonded logistics facility when construction completed, offering one-stop all-around logistics services including project logistics, bonded logistics, warehousing, processing, distribution, international freight forwarding and customs brokerage service.
The facility completion date is expected to be end of year. After becoming operational, it is able to generate an annual production value of CNY80 million (US$11.5 million).
The facility is located in the Qingdao Westcoast Export Processing Zone, with its near-harbour favourable location and the preferential policies for an export processing zone.
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