Shanghai's pilot free trade zone is partnering Ireland's Shannon Free Zone to cooperate in the aviation industry and boost cross-border investment.
A memorandum of understanding signed yesterday allows the two sides to share market resources worldwide for aircraft leasing and promote the development of an industry chain covering aircraft inspection and maintenance, pilot training and aeronautical materials trading.
Set up in 1959, Shannon Free Zone was the world's first FTZ with an edge in aviation.
"The partnership will catalyze not only cooperation in economic areas but also exchanges of free trade zone management experience," said Lu Fangzhou, deputy head of the Pudong New Area in Shanghai.
In an interview with Shanghai Daily yesterday, Patrick Edmond, group strategy director at Shannon Group and managing director of International Aviation Services Center, said: "We're very interested in attracting Chinese aviation companies to allow them to benefit from the geographical and business advantages."
It also hopes to train China's fast growing aviation industry with about 50 aviation companies already operating in the region.
"Besides, we would also like to attract Chinese companies in the logistics and e-commerce businesses who are eying growth in Europe and America," Edmond added.
The two FTZs will also encourage companies to set up operations in each other's zone to boost cross-border investment.
