China Cosco Shipping’s subsidiary Cosco Shipping Technology has signed an agreement with Japanese marine electronics producer Furuno and Japanese trading firm Heisei Trading to establish a joint venture.
The joint venture, named Cosco Shipping Furuno Navigation and Communication Technology, will be based in Shanghai and mainly engages in the technology R&D, design, production, system integration, sales and service of ship navigation & communication products and systems.
The parties believe the joint venture provides a key platform for them to give full play to their respective advantages, strengthen their cooperation on the ship navigation & communication technologies, and make joint efforts in market expansion and branding.
Cosco Shipping has been developing its “6+1” industrial cluster to diversify its business to more sectors, covering shipping, logistics, finance, equipment manufacturing, shipping services, and internet technology.
