Cosco Group to continue port investments

Shanghai: Wei Jiafu, president of China's Cosco group has announced that the company plans to continue to investing in ports and terminals, both in China and overseas, reports Reuters. Although he did not release details of the proposed investments Wei said the company would target ports and terminals in Hong Kong, Singapore, Egypt and Belgium.

Cosco is poised for massive growth in order to keep pace with China's rocketing economy. Last month the company declared its intention to spend more than $2.65bn over the next three years to boost its fleet by 20%. ''China's economy will see non-stop growth,'' predicts Wei.  [19/10/07]