Shanghai port wants to invest in Europe

4 July 2006

Shanghai, China, 04 July – Chinese state group Shanghai International Ports (SIPG) said Monday it planned to invest in Europe, the United States and Asia, according to reports in the Chinese press.

The company, which manages the port of Shanghai, China’s largest, plans to follow the government’s strategic orientation, which includes increasing internationalization of Chinese companies.

A Group director declined to give details other than to say that investments could begin in Europe this year.

Shanghai is the economic, financial and industrial center of China, the city’s port is the third largest in the world by container operations and the busiest in the world in terms of cargo entries and exits.

the company is listed on the Hong Kong stock exchange and has interests in three of China’s main economic regions: The Pearl River Delta, the Yangtze River Delta and the Bohai Economic Region.

SIPG recently invested US$16 billion in the port of Yangshen, in Shanghai, in order to double its cargo capacity by 2010.

The Chinese group also invested US$500 million in a joint venture with A.P. Moeller-Maersk A/S, the largest container company in the world for management of the second phase of Yangshan port, in the Pudong area of Shanghai.

The joint venture also includes Hong Kong’s Hutchison Whampoa, the world’s largest port operator, A.P. Moellar of Denmark and Cosco Pacific and China Shipping Group.

The SIPG group has commercial relationships with 500 ports in 200 countries and a network of over 130 sea routes all over the world. (macauhub)