Cosco Group intends Cosco International to be its technology and fund-raising flagship after deciding to inject business-to business e-commerce developer Cosco Network into the subsidiary.
Cosco Network president Song Dawei said his company would play an important role and e-commerce would be a core business in Cosco International.
Mr Song said Cosco Network, the Internet-based trading platform operator, would benefit from Cosco Group's logistics facilities, embracing land, sea and air transport, warehouses and 1,100 transport agencies and representative offices worldwide.
Cosco Network has also signed agreements with Hutchison Whampoa's business-to-business e-commerce Web site portsnportals and Internet companies from the United States, Canada, Japan and Singapore.
Cosco Network will earn income from 1 per cent transaction commissions, membership fees and 50 per cent of the costs saved by the parent operations on its online trading platform.
The Web site initially will be engaged in its parent's bulk purchase of fuel and spare parts for shipping fleets and later diversify into import and export
