China's COSCO plans to invest in Kazakhstan Border Project as part of Silk Road initiative
Shipping - China's COSCO Shipping is likely to invest in a special economic zone on Kazakhstan's border with China as it looks to increase investment in countries involved in the new Silk Road.
May 15, 2017: China's COSCO Shipping is likely to invest in a special economic zone on Kazakhstan's border with China as it looks to increase investment in countries involved in the new Silk Road.
Unveiled in 2013, the Silk Road initiative has been touted by China as a way to boost global development through expanded links between Asia, Africa, Europe and beyond, underpinned by billions of dollars in infrastructure investment.
According to media reports, COSCO Chairman Xu Lirong has revealed that the state-owned conglomerate is likely to sign a deal on Monday with Kazakhstan's national railway company to take a 24 percent stake in a dry port in the Khorgos Eastern Gates special economic zone (SEZ).
He reportedly added that China's Lianyungang port will also invest in the project, which borders China's far western Xinjiang region.
Established by the Kazakhstan government in 2011, the Khorgos Eastern Gate SEZ supports the country's exports and covers 600 hectares area of land that houses a dry port, logistic and production zones.
It is also one of the central hubs for a railway network connecting China and Europe, on which trains currently shuttle goods between 27 Chinese cities and 11 European cities including London and Duisburg.
