SINGAPORE, April 13 (Xinhua) -- The China Shipbuilding Industry Corporation (CSIC) and Singapore's Pacific International Lines ( PIL) opened a joint venture - CSIC Pacific - here on Tuesday.
Speaking at the opening of the company, Lim Hwee Hua, Singapore 's Minister in Prime Minister Office and Second Minister for Finance and Transport, said that this CSIC-PIL's partnership is reflective of the close links between China and Singapore.
She said that the partnership is forged against a backdrop of an extremely difficult period for the shipping industry, adding that setting up of the company to provide alternative ship financing options for distressed shipping assets during this period "would surely be most welcomed by industry players."
CSIC Pacific will also designate Singapore as the place of arbitration for its contracts. Lim said that this is the strongest endorsement of the transparency and efficiency of Singapore's legal regime.