Majority foreign ownership approved
1 August 2002
The first top-level government approval for majority foreign ownership of a port project has been granted, said Maritime Asia. The Ministry of Communications has given approval to Pacific Ports to take a 60 per cent stake in two berths in Xiamen, in return for a Yn500m investment. Although Pacific Ports holds majority stakes in other berths, this is the first to be sanctioned by the ministry.
New investment guidelines for the port sector were introduced in April to conform to World Trade Organisation rules.
