Chinese Investment in Europe: Noatum Ports to boost China-Spain maritime cooperation

World
Europe

03:41

Chinese shipping giant COSCO has acquired a majority stake in Spain's largest maritime terminal operator, Noatum Ports. The operator manages a pair of maritime terminals in the cities of Valencia and Bilbao, as well as dry terminals in Zaragoza and Madrid. Our reporter Su Yuting visited the ports of Valencia and Bilbao to find out their impact.

An open gateway to the trading world, Valencia lies on Spain's east coast. Its hinterland reaches deep into the country, an area which accounts for half of Spain's GDP and its workforce.

SU YUTING VALENCIA, SPAIN "The Port of Valencia is one of the busiest seaports in Europe. It's also the largest in Spain, and in the Mediterranean Sea Basin. Currently, nearly half of the traffic that Valencia port manages has its origin and destination in the Far East and China remains as the main commercial partner in the site."

Last year, Chinese company COSCO Shipping acquired a controlling stake in Noatum Ports, the company operating the Container Terminal of the Port of Valencia.

Noatum Ports CEO Sun Kai said the port's strategic geographical position, operational capacity, the modern operation systems mean it can perfectly integrate into the transport networks of the entire region.

SUN KAI CEO, NOATUM PORTS "Valencia Port was ranked No.1 in Mediterranean region, and No.5 in Europe and No.29 in the world. Valencia is an ideal maritime gateway for Iberian Peninsula, and it's connected with the central Spain, makes it a natural port for I think the Great Madrid Area."

COSCO Shipping also operates the Port of Bilbao, an entry-point into Europe for ships coming across the North Atlantic. The General Manager of the Container Terminal Bilbao says the port is constantly developing, and China is among its twelve main markets.

ELVIRA GALLEGO, GENERAL MANAGER CONTAINER TERMINAL BILBAO, NOATUM "Connecting China with Bilbao is a big opportunity for us. I think the Belt and Road initiative is a big project for us. It is opening the way of connecting the business. And I think they are in the good trend so we must be at their side."

Both port authorities in Valencia and Bilbao also hailed China's role in promoting their local economies.

Many locals believe continued investment from Chinese companies can create more jobs and business opportunities in the future. Su Yuting, CGTN, Bilbao, Spain.