Not far from an abandoned industrial site with rusted metals reminiscent of its manufacturing past, the port of Vado Ligure carries the promise of the Italian city’s future.

Neighboring an old reefer terminal that has so far handled mostly bananas and pineapples, new Vado Gateway terminal, under a partnership between European and Chinese businesses, will be opened in December and become one of the most capable terminals in Europe.

COSCO SHIPPING Ports, under the world’s largest integrated shipping enterprise China Ocean Shipping Corporation (COSCO), bought a 40-percent stake in the terminal, second to the Netherlands-based APM Terminals, part of the Danish conglomerate Maersk.

“The arrival of COSCO in APM was welcomed as an important turning point, it has strengthened this group and it has provided an exceptional chance that we wouldn’t have had in an Italian investment scenario,” Monica Giuliano, mayor of Vado Ligure, told Xinhua.

Source: Xinhua.