Costa Crociere S.p.A established the cruise industry's first wholly-owned foreign enterprise (WOFE) in China. The opening ceremony was held in Shanghai international cruise terminal at Nov. 18th .The new company will be located in Shanghai, Costa's home port city in China, offering commercial and financial services to local travel agencies and passengers, such as marketing, ticketing and collection.

President of SIPG Mr. Zhuge Yujie attended the ceremony and said, "As the biggest port group in China, SIPG delicates to the cruise terminal construction and cruise industry development and appreciates continuous investment in Chinese market with long-term vision. The two parties have cooperated in a variety of fields. SIPG is also building its own cruise brand "SIPG Cruises" with the slogan 'First Class, First Choice', aiming at changing from a cruise terminal operator to an integrated cruise industry service provider."

"We are proud to be the first cruise company to set up a WOFE in China. The WOFE status is our new instrument to develop business in China and enhance our commitment to long-term development in this marketplace. I would like to thank for this important achievement the local government authorities, in particular the Ministry of Transport and the Shanghai Municipality" said Mr. Pier Luigi Foschi, Chairman and CEO of Costa Crociere S.p.A.

Mr. Gianni Onorato, President of Costa Crociere S.p.A., added: "As the leading player in the market and an innovative cruise company, we always seek new ways to operate, establish new cruise itineraries, as well as to develop new cruise experiences for our Chinese passengers. With the new WOFE's support, we are confident we will entice more Chinese consumers to experience the extraordinary holidays offered on our cruise ships, including the upcoming Costa Victoria, which will be deployed in China in 2012."

By October 2011, more than 170,000 Chinese passengers travelled on Costa's Italian Style inspired cruises.

In 2011, the China Ministry of Transport revised the Approval of Foreign-owned Shipping Company Interim Measures and granted permission to foreign cruise companies operating in China to establish wholly-owned institutions. Costa's new WOFE status will have the scope of soliciting passengers, issuing tickets, processing proceeds and payment in RMB.

Source:4-traders.com