Chongqing - Yuan Jiajun, Secretary of the CPC Chongqing Municipal Committee, met with Tan Chong Meng, Group CEO of PSA International PTE Ltd. (PSA International), and his delegation lately, discussed the co-construction of the New International Land-Sea Trade Corridor (ILSTC) into an iconic achievement of West China-ASEAN trade connectivity and China-Singapore cooperation.

Yuan Jiajun (right), Secretary of the CPC Chongqing Municipal Committee, met with Tan Chong Meng (left), PSA International PTE Ltd. Group CEO, on December 5. (Photo/Su Si)

PSA International is a leading global port operator and trusted supply chain partner to cargo stakeholders. Its ports and cargo solutions portfolio comprises over 60 deepsea, rail, and inland terminals across more than 170 locations in 44 countries.

Yuan said that the relationship between China and Singapore has been elevated to a comprehensive, high-quality, forward-looking partnership, ushering in the best period of cooperation between Chongqing and Singapore. The deep implementation of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity (CCI) provides a solid foundation for further collaboration.

With its robust capabilities, Yuan expressed hope that PSA International would leverage its strengths and increase investments in Chongqing. He emphasized deepening practical cooperation in areas such as multimodal transport demonstration projects, digital transformation of the supply chain, industrial agglomeration, and infrastructure development.

Tan said that Chongqing's strategic geographical advantage and its successful exploration in developing a channel economy have created expansive opportunities for business growth.

Tan committed to working with Chongqing in advancing the ILSTC, promoting the synergistic development of manufacturing and logistics, enhancing the level of trade digitalization, and contributing to the deepening of the CCI and the advancement of China-Singapore cooperation.

Accelerating the development of the ILSTC is a significant move for Chongqing to enhance its high-level external openness. This corridor is an extension of the cooperation between Chongqing and Singapore.

In 2016, representatives from PSA International, Chongqing International Logistics Hub Park, and Guangxi Beibu Gulf Port Group convened to initiate the development of a new corridor.

In 2017, through the Beibu Gulf-Singapore-Chongqing route, combined with the 21st-century Maritime Silk Road, the route for the ILSTC was thus delineated.

Chongqing, one of the early proponents of the ILSTC, has now developed three main logistics methods: rail-sea intermodal trains, international railway, and cross-border highway regular lorries.

From January to September this year, Chongqing transported goods worth 19.33 billion yuan (about USD 2.698 billion) through these three main transportation methods via the ILSTC. Since the corridor's inception, it has transported a total of 546,000 TEUs (Twenty-foot Equivalent Units) of goods, valued at 90.65 billion yuan (about USD 12.654 billion).