Nansha port targets overseas investment

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Last updated at: (Beijing Time) Friday, March 19, 2004

Nansha port targets overseas investment

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Guangzhou plans to expedite its ambitious port project this year aimed at turning the fishing village of Nansha into a world-class harbor terminal by offering four 100,000-ton container terminal projects for overseas investment.

The investment volume is expected to amount to 2.65 billion yuan, the Guangzhou Daily reported Wednesday.

Officials from Guangzhou's transport administration also announced incentives and preferential policies for foreign investors engaged in port and berth construction at an investment invitation meeting Tuesday.

It hopes Nansha's prime location in the middle of the Pearl River Delta will make it a natural transport and shipping center.

Director-General Xiao Zhenyu of the Guangzhou Bureau of Foreign Trade and Economic Co-operation said overseas investors putting US$ 30 million or more in Nansha's energy, transport and port projects will be eligible for preferential taxation of 15 percent. Joint ventures are eligible for five-year exemptions and five years of half taxation.

Nansha, the only coastal area of Guangzhou, will focus on developing heavy industry. Several foreign multinationals, mostly Japanese, have pledged billions of yuan to develop car making, shipbuilding, iron, steel and logistics industries.

(Shenzhen Daily)

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