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Foreign Investors to Join Port Expansion in Tianjin
Foreign investment is now welcomed in eight large projects in the port construction drive, according to the latest announcement by the port authority of Tianjin Municipality, a key port city in north China.
The projects include construction of the 100,000-ton main navigation channel, a ship lock, some container berths, a bulk cargo circulation center, and several docks.
Each of these projects requires more than US$10 million, and reconstruction of the navigation channel is estimated to draw a total capital of nearly US$200 million, according to the port management authority.
Tianjin has vowed to earmark some 12 billion yuan (nearly US$1.5 US) in the coming ten years to make the port reach international levels. The port is designed to reach an annual cargo handling capacity of 140 million tons upon the completion of the construction, with a container throughput volume hitting 7 million TEUs.
Tianjin port opened its business to overseas investors in early the 1980s and adopted the means of public bidding in the cooperation. The port management authority will offer various choices of economic setup in the new round of cooperation this year, including individual or joint proprietorship, buying shares and either capital or equipment investment.
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