SCHENKER AND BITCC SET UP JOINT VENTURE IN BEIJING

SCHENKER AND BITCC SET UP JOINT VENTURE IN BEIJING    Schenker, the transportation arm of the German group Stinnes, has set up a logistics joint venture with Beijing International Cooperation Center.
   Schenker BITCC Logistics (Beijing) Co. Ltd. will have a capital of $5.7 million, of which Schenker will hold a share of 70 percent and BITCC the remaining 30 percent.
   “The joint venture will receive an A license, which will allow it to handle international freight traffic — and that in an industry in which foreign investors are only very rarely granted access in China,” Stinnes said. The new joint venture is expected to become operational at the beginning of 2003.
   A “multifunctional” logistics center with a total floor space of 20,000 square meters will be built close to Beijing International Airport.
   “The logistics center in Beijing will be one of the most important hubs of our entire network,” said Dr. Bernd Malmstr'm, chief executive officer of Stinnes.
   Beijing International Cooperation Center's activities are focused on trade, education and strategic investments.