(Photo from Xinhua News Agency)

Lianyungang Port and Kazakhstan's national railway company KTZ have signed an agreement to establish a joint venture to promote the container hub at Aktau Port.

The agreement was unveiled at the seventh meeting of the China-Kazakhstan Entrepreneurs Committee, held in Astana, Kazakhstan.

Aktau International Trade Sea Port, KTZ Express, and Lianyungang Port will have 24.5%, 24.5%, and 51% of the interests in the new joint venture, respectively. This agreement marks substantive progress on the container project, a significant outcome of the third Belt and Road Forum for International Cooperation.

The container hub will integrate operations with the China-Kazakhstan (Lianyungang) Logistics Cooperation Base, the first entity project inaugurated under the Belt and Road Initiative, and the Khorgos-Eastern Gate special economic zone, a dry port jointly invested in and built by China and Kazakhstan. Effectively connecting the Eurasian Land-Sea Trade Corridor and the Trans-Caspian International Transport Route, it will help Lianyungang develop a comprehensive logistics network that links the Pacific Rim to the east and spans Eurasia to the west.