LONDON, March 5 -- The Chinese and British shipping industries are set to take their mutual cooperation to a higher level following the signing of a memorandum of understanding (MOU) on Wednesday.

The MOU was signed by the Lord Mayor of London Fiona Woolf, Vice President of the Investment Committee at China Merchants Group Yu Liming, chairman of Maritime London Jeffrey Evans, and the chief executive of Maritime London Doug Barrow.

Woolf said, "The signing of the Memorandum of Understanding is very important for China, the UK, and the global shipping industry."

Woolf added, "I'm delighted that it has objectives that provide opportunities for both Maritime London and UK-based shipping companies to further expand into China, and for companies in China's shipping industry to benefit from global expertise. The signing today underlines that London is open for business -- and for maritime business in particular."

Evans said, "We are identifying inward investment opportunities for China Merchants Group as well as looking to them to help our members maximise their positions in China, especially looking at the new Free Trade Zones."

China Merchants Group is a Chinese state-owned enterprise with a strong presence in the shipping sector, and Maritime London represents businesses based in Britain involved in maritime services.