PIL signs deal with China Merchants, China Machinery to prio

Time: 2016-08-23 14:07
SINGAPORE's Pacific International Lines (PIL) has signed two Memoranda of Understanding (MOU) with state-owned China Merchant Port (CMPort) and China Machinery Engineering Corporation (CMEC) agreeing to prioritise each other, coordinate resource allocation and develop new markets through joint ventures.
Former Minister of State for Trade and Industry Lee Yi Shyan, China's Ambassador to Singapore Chen Xiaodong, president of China Public Diplomacy Association and former Foreign Minister Li Zhaoxing, SBF chairman SS Teo and CEO Ho Meng Kit attended the signing ceremony.
The signing ceremony is said to be is another result of the One Belt One Road (OBOR) initiative proposed by Chinese President Xi Jinping, said the PIL press release.
Based on the principles of "forward-looking", "bilateral development", "mutual prosperity" and "collaborative success", the strategic alliance with CMPort and CMEC are expected to boost business development and overseas projects in shipping, ports and logistics field, building a comprehensive strategic partnership, said the release.
The new arrangement is expected to strengthen and deepen developments in region including Africa, South Asia and Southeast Asia. Both parties will further enhance their existing cooperation in China and jointly explore cold-chain logistics opportunities.
"The partnership between PIL and CMEC see deepen collaboration in shipbuilding and logistical services in the Africa region," said the press release.
"Both organisations will operate through joint shipbuilding, sub-leasing and vessels management, fully demonstrating CMEC pioneering advantage in the international engineering logistic field and overseas logistical network together with PIL's strength in ship operations and management. This will invigorate the competitiveness for both companies in their respective markets," it said.
Additionally, PIL and CMEC will also establish a joint venture company in Singapore to develop container depot, inland transport, and total logistics solutions in Africa region.
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