Agreement represents breakthrough in cross-strait infrastructure investment
Evergreen Marine has sealed the first mainland port investment by a Taiwanese company, agreeing to take a 50 per cent stake in a US$250 million, two-berth container port project in Ningbo.
The agreement with Ningbo Port Group represents a breakthrough in cross-strait infrastructure and communications investment, which has long been held hostage to lingering tensions between the mainland and Taiwan.
Direct shipping links across the Taiwan Strait remain banned.
'We signed the contract [with Evergreen] in Hong Kong on Monday,' Ningbo Port president Li Linghong told the South China Morning Post. 'The construction of the project [Beilun Phase IV] has received approval from the central government and will be completed in June.'
Mr Li is part of a Zhejiang province investment delegation visiting Hong Kong.
Owing to the sensitivity of Taiwanese involvement in mainland infrastructure projects, Evergreen's investment is being routed through its Italian shipping line, Lloyd Triestino. According to Mr Li, the agreement was signed by representatives of Lloyd Triestino's Hong Kong office.