China¡¯s Cosco in search of local partners¡ªChua

China Ocean Shipping Co., the world’s second-largest shipping firm, is scouting for local partners for the various components of its long-delayed shipping and logistics hub in the country.

Francis Chua, the Philippines’ Special Envoy to China for Trade and Investments, told reporters that Cosco would continue to pursue the project earlier estimated at $5 billion in the Philippines.

“Cosco is now in the stage of working out local partnerships for the shipping hub, shipbuilding, industrial estate and maritime school, which are components of the integrated shipping and logistics hub it proposed to undertake in the country,” he added.

The company presented its proposal to build an integrated shipping and logistics hub with Malacañang in June last year but the project has yet to take off.

“They are still pursuing the project, but they are taking their time. Rather than invest directly, the company is now looking for local partners for possible joint ventures,” said Chua, adding he has recently talked with Cosco Group’s chief executive and president Capt. Wei Jiafu regarding the matter.

Chua said following the scandal involving another Chinese firm ZTE Corp., the company had opted to reconfigure further its plans and look for a local partner instead of taking on the project on its own.