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COSCO Signs Smart BRI Deal with Chinese Province

COSCO Signs Smart BRI Deal with Chinese Province

COSCO Shipping Corporation (COSCO), the third-biggest container shipping line in the world by market share, has reportedly signed a deal with Shaanxi Provincial People’s Government to jointly develop the logistics sector in the Shaanxi province.

According to reports, the agreement will see both parties promote the Belt and Road Initiative (BRI), Beijing’s US$900 billion scheme to revolutionize world trade, particularly in the area of intelligent transportation and China-Europe freight trains.

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Shaanxi is a landlocked province in the center of China is home to the country’s ancient capital – Xi’an – which was the starting point of the original Silk Road on which the BRI is based.

COSCO will provide support to the province for the development of a central and west China railway transportation hub and international handling cargo center. In return, Shaanxi will support COSCO in expanding its local business network.

PTI has reported widely on China’s BRI, including exclusive insights and interviews with academics and key figures on its implications for the global maritime industry.

It has seen China invest in ports, terminals, railways, road networks and other fundamental logistics areas, as well as blockchain and smart technologies.