YCH Group inks MOU to collaborate on Jiangjin multimodal transport system
SINGAPORE'S YCH Group on Monday (Apr 11) signed a memorandum of understanding (MOU) with China's Chongqing Jiangjin Comprehensive Bonded Zone (CJCBZ).
Under the agreement, both parties intend to explore collaborations to promote the construction of a regional multimodal transport system in the Jiangjin District, to support the development of the Southern and Western Transport Corridor.
Specifically, they will explore "broad areas of collaboration" that include the establishment of a South-east Asia warehouse in the Jiangjin Comprehensive Bonded Zone.
YCH and CJCBZ also plan to co-develop trading and investment platforms to promote bilateral economic goodwill and promote sustainable trade channels and connectivity between Western China and South-east Asia.
The home-grown logistics giant said its latest MOU with CJCBZ comes as part of the Chongqing Connectivity Initiative, a Sino-Singapore project that focuses on modern connectivity and modern services.
In a press statement on Thursday, the group said collaborations under the agreement will support YCH's strategic plans to drive China-Asean connectivity - with part of the development work to enhance the logistics and supply chain's vital connecting nodes in China to leverage existing projects.
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YCH sees the CJCBZ as an important connecting node between the New International Land-Sea Trade Corridor, the China-Europe Railway Express, and the Golden Waterway of Yangtze River.
Given the zone's strategic location, the group believes CJCBZ will develop businesses that encompass the logistics and supply chain ecosystem such as international trading and cross-border e-commerce.
"Connectivity plays an important role in alleviating the growing demands for supply chain efficiencies, and we believe that partnerships are important to accelerate the efforts to build a multimodal transport system that will fulfil the objectives of both parties," said Jeffrey Tan, YCH's head of corporate development and technologies.
Earlier in April 2021, the group inked an MOU with the Chongqing Tongliang District People's Government to drive the development of a cold chain logistics infrastructure alongside knowledge transfer on supply chain expertise.
The agreement was also spearheaded by YCH under the Chongqing Connectivity Initiative.
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