The Fifth Qingdao Multinationals Summit took place in Qingdao on Aug 28. During the summit's Multinationals Investment Exchanges and Cooperation Conference, Shandong Port Group (SPG) and ITOCHU Corporation signed a strategic cooperation memorandum.

The signing ceremony of the strategic cooperation memorandum between SPG and Itochu Corporation. [Photo/WeChat account: Shandong-Port]

As per the memorandum, both parties will leverage their respective strengths to expand bonded international transit and trade operations for commodities such as iron ore and coal. Their cooperation will bolster trade between China and Japan by developing overseas markets, expanding services for metal ore products and metal supplies, and building an international logistics corridor.

During the conference, the two sides engaged in discussions and reviewed their previous cooperation achievements. They felt strong ties in bonded processing, distribution, and international transit of multiple commodities like iron ore and coal has provided end-to-end, comprehensive supply chain services for a wide range of customers. These efforts establish a strong artery for mutual connectivity and economic exchange. 

Both parties expressed that this signing ceremony provides valuable opportunities for deepening cooperation and builds a broader development platform. They will leverage their strengths to further enrich service functions, engage in more diversified and in-depth practical cooperation in the international transit of commodities, create more open and mutually-beneficial outcomes, help SPG establish a "mineral supermarket", build core competitive advantages, and further contribute to the development of Sino-Japanese economic and trade relations.