SINGAPORE - COSCO-PSA Terminal, a joint venture company formed by COSCO Pacific and PSA Corp, is expanding from its current two-berth terminal to three new mega container berths in anticipation of growing economic prospects from several new trade initiatives.

The joint venture firm is investing in the three new container berths in Singapore, which are designed to handle mega container ships, as more global container shipping lines are investing in and deploying such vessels.

Mrs Josephine Teo, Senior Minister of State, Prime Minister's Office, Ministry of Foreign Affairs and Ministry of Transport, said the investment in the three berths is "strategically important to both partners and also a clear demonstration of their confidence in Singapore as an international maritime centre with a well-connected transhipment hub".

Cosco Pacific, one of Asia's largest container terminal operators, is a subsidiary of China Cosco Shipping, the world's fourth largest container shipping line. China Cosco Shipping was created when Cosco merged with fellow state firm China Shipping Group.