"This is welcome news not only for Massachusetts businesses, but many New England businesses which import and export goods to and from the Far East," Swift said at a joint press conference at the State House here. "A direct vessel call into the Port of Boston will provide New England businesses with expanded transportation options to enter the global marketplace, reduce costs and help them remain competitive."

Also speaking at the press conference, Ma Zehua, COSCO's executive vice president, said: "Now a new bridge has been built between Boston and China; a new bridge that will create new energy for the Port of Boston and building block for the people of China as our country enters the World Trade Organization."

Earlier, representatives from COSCO and the State of Massachusetts signed an agreement on the direct COSCO vessel call into the Port of Boston. COSCO plans to deploy a weekly vessel to Conley Container Terminal in South Boston where cargo from the Far East may be unloaded and new cargo destined for the Far East may be loaded. Currently, cargo bound for New England must travel to other ports where it is off-loaded and then either trucked, barged or railed to its destination.

"This is something Massport has been pursuing for years," said Tom Kinton, Massport's acting executive director and chief executive officer. To date, although New England imports about 57 percent of its cargo from the Far East and exports about 33 percent, only a portion is shipped through the Port of Boston. A direct call from China will further help strengthen ties between Asia and New England, the region comprising six US states.

"The direct call will surely create more job opportunities for the people of Massachusetts," Swift said. "We are building stronger relations with a country that provides many job opportunities."

"Governor Swift and the Maritime Division of Massport have shown a strong understanding of what makes a successful relationship," said Ma, who was earlier received by the governor at her office.

"The governor's leadership on this issue has convinced COSCO that her administration is willing to work to make this new agreement a long-term success," he said. Massport has invested more than 10 million US dollars in infrastructure and operational improvements to the Port of Boston over the past few years.

The port's annual economic benefit to the region is estimated at more than 3 billion dollars and accounts for some 9,000 jobs.

"As a pure commercial, customer oriented and market driven global carrier, COSCO has established a significant reputation in the shipping industry by meeting those criteria of quality, efficiency and reliability," Ma said. With a history of 40 years, COSCO has developed from a small company, which only owned four vessels, into one of the largest diversified shipping conglomerates in the world, operating trade lanes that cover more than 1500 ports in more than 160 countries and regions.

( January 10, 2002)