Costa Victoria will be based in Shanghai in 2012
European cruise giant, Costa Crociere, has been granted permission establish a new subsidiary in China. The new company, which will be based in Shanghai, will become the cruise industry’s first wholly-owned foreign enterprise (WOFE) in China. The new company will offer commercial and financial services to local travel partners and passengers, such as marketing, ticketing and collection.
“We are proud to be the first cruise company to set up a WOFE in China. Since 2006, when Costa was the first cruise company to enter the Chinese cruise market, Costa has worked closely with local government authorities to continuously propel the development of the Chinese cruise industry and act as a market pioneer in opening up new prospects. 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 Pier Luigi Foschi, Chairman & CEO of Costa Crociere SpA.
Gianni Onorato, President of Costa Crociere SpA 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. In the past six years of our operation in China, we have achieved most of these targets thanks to the efforts and cooperation extended by the local authorities, in particular the Ministry of Transport and the Shanghai Municipality.
“With the new WOFE’s support, we are confident we will entice more Chinese consumers to experience the extraordinary trips offered on our cruise ships, including the upcoming Costa Victoria, which will be deployed in China in 2012,” he said.
In 2011, the Chinese Ministry of Transport revised its ‘Approval of Foreign-Owned Shipping Company Interim Measures’ and granted permission to non-Chinese cruise companies operating in China to establish wholly-owned subsidiaries in the country. The new WOFE status given to Costa status will enable it to solicit passengers, issue tickets, process funds and payment in Chinese yuan.