COSCO, widely considered as China's largest state-owned shipping company, have recently opened its first branch in the Bosnian capital city of Sarajevo. This new shipping project is part of China's "Maritime Silk Road" which aims to create a sea route that will connect China to Southeast Asia, Europe, Oceania, and North Africa.
In recent years, China has been very busy implementing it's Belt and Road Initiative' which is also known as the Silk Road 2.0, an allusion to the ancient trade route that connected China to the west. While this new Silk Road has been the subject of many mainstream reports, its sister project, the "Maritime Silk Road," has not enjoyed the same limelight.
COSCO Shipping director of the Bosnia office Meliha Mujezinovic said that the latest project is part of China's commitment to creating a "One Belt" route between China and Bosnia. In return, this will foster a more friendly trade and business relations between the two countries which will boost economic progress.
In a press release, COSCO said that the company is currently engaged in transporting goods from the ports of Kopar located in Slovenia, the Rijeka port in Croatia, Piraeus in Greece, and Belgrade in Serbia.
"One Belt. One Road" is the name given to the project launched by China in 2013. The main aim of this project is to expand China's international trade influence. This was initially launched with the hope of compensating for the slowdown of China's domestic economic growth. In order to finance this massive undertaking, China established a special fund worth 10 billion Euro.
At the core of this Silk Road project is the creation of a trade route that will connect Shanghai and the German capital of Berlin via Eastern and Central Europe. The shipping counterpart of this project is called the "Maritime Silk Road."
COSCO reported that by the end of June 2018, the company has amassed a total of 393 container vessels covering more than 290 ports in 90 countries. This logistic might ranks fourth in the world and first in Asia.
COSCO establishing a local office in Bosnia is just one part of the overall project. Bosnia is expecting four massive projects from China. This project includes three thermal power plants in Stanari, Zenica, and Tuzla, as well as the construction of the Banja Luka-Mliniste-Split highway. These projects will eventually put China as Bosnia's top investor and creditor.
