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            november 16, 2018

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Indiaexportnews.com

Belt and Road rail project is expected to boost trade to Singapore

  10.07.2018    

Singapore intends to benefit 'China's new Belt and Road connections provided by the Southern Transport Corridor (STC), a rail network that connects 10 of China's inland provinces to its port in Qinzhou, reports London's Port Technology.
The STC, which began as a joint project between the two countries in 2017, has made a dozen sea lanes more accessible to regions in China that were previously dependent on a longer route that followed the Yangtze River to Shanghai.
The route upgrades are part of the Belt and Road Initiative, a series of overland corridors connecting China with Europe, via Central Asia and the Middle East, and a sea route linking China's southern coast to east Africa and the Mediterranean.
Cargo that used to have a journey of over two weeks now arrives in Qinzhou two days after leaving its point of origin, meaning that the region's ports' estimated annual capacity has jumped from 600,000 TEU to three million TEU since 2013 - a 35 per cent year-on-year increase.
Forecasts for the Beibu Gulf-PSA International Container Terminal in Qinzhou, a joint venture between Singapore's Pacific International Lines (PIL) and China's Beibu Gulf Port Group, have predicted the facility will reach one million TEU for 2018, more than double its 430,000 TEU in 2017.
Singapore's Pacific International Lines (PIL) has also been using the STC to track cargo, log documents and process payment transactions with its new blockchain platform.
The STC is part of the China-Singapore Chonging Connectivity Initiative Project, one of three Belt and Road projects between the two countries that seek to boost regional development and free trade.



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