October 25, 2007 -- On October 21, Cosco Logistics, part of the Fortune 500 Cosco Group, signed a strategic cooperation agreement with the government of Changshou, a district of Chongqing, for a land enclosure of 250 mu (166 square kilometers), reported the Chongqing Times. With this agreement Cosco Logistics begins implementation of its plan to build the largest logistics base in western China in cooperation with the Changshou government.

The land enclosure measures 250 mu and will be used for the construction of a logistics center with an investment of over 100 million yuan (US$13 million), including a 30,000 square meter chemical material inventory storage building. By 2009 when the industry park is set to be completed, Cosco Logistics will shoulder a significant portion of the chemical productions logistics of Chongqing and western China. Chemical products from Chongqing and western China will be transported to the rest of the globe through railways and waterways.

Yan Ping, the District Mayor of Changshou, told the Chongqing Times that the annual income for the logistics center is expected to surpass 200 million yuan (US$26.7 million). So far, six Fortune 500 enterprises have established bases in Changshou while several more are under negotiation, reported the Chongqing Times.