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Chinese shipping company developing
- Subject: Chinese shipping company developing
- From: darnott@xxxxxxxxxxx
- Date: Wed, 24 Nov 1999 13:53:00
Chinese shipping company developing Burma market
Xinhua, Yangon, 16th November: The Myanmar COSCO Limited
of China, a subsidiary company of the China Ocean Shipping
Companies (COSCO) Group, has been actively developing its
market in Myanmar and achieved initial success.
The Myanmar COSCO Ltd was founded in October 1996. Not
long after its establishment, due to the impact of the Asian
financial crisis, many foreign companies investing in Myanmar
pulled out one after another for poor business operation.
But the Myanmar COSCO Ltd did not give up and has tried
hard to develop its business in the Myanmar market.
Since its founding, the company's container transport business
has grown from the import of only a dozen containers per month
in the initial period to the present average import and export quantity of
about 350 containers per month.
Meanwhile, the transport business of bulk cargo has grown out of
nothing, making it possible for four to five 10,000-ton vessels to call
at the Yangon Port every month.
The Myanmar COSCO Ltd also undertakes trading business in addition
to the traditional transport business operation of containers and bulk cargo.
Managing Director of the Myanmar COSCO Ltd Sun Liang told Xinhua
that Myanmar and China are friendly neighbours and the friendly bilateral
relationship is extremely conducive to the promotion of economic and trade
ties between the two countries.
Sun said the Myanmar COSCO Ltd is also planning to invest and establish
real estate in Myanmar.
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