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China Travel Service Corporation (CTS) and Touritik Union International Company (TUI) signed a memorandum of cooperation here Wednesday on establishing a Sino-German joint venture travel company.
The new travel company, to be controlled by TUI and the first of its kind in China, will provide an important platform for inbound European travelers.
CTS attaches great importance to developing overseas markets and attracting more inbound travelers, said Liu Jiaxiang, general manager of CTS.
Liu added through its collaboration with TUI, CTS can attract more European tourists and learn from foreign travel agencies.
CTS is the oldest travel agency of New China. Its revenue is expected to reach 1.3 billion yuan (160 million US dollars) this year. The company has also become involved in trade, automobiles, investment and the media.
TUI has 3,700 tourism retailers, 285 hotels and 88 aircraft. In recent years, TUI booked travel from European destinations to China for about 40,000 tourists per year, leading all of its European competitors.
(Xinhua News Agency November 14, 2002)
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