Costa Crociere has established a wholly owned foreign enterprise in China that will provide commercial and financial services such as marketing, ticketing and collection to local travel partners and passengers.
The new company, a first for the cruise industry, will be located in Shanghai, Costa’s home port city in China.
New regulations approved by the China Ministry of Transport earlier this year enable foreign cruise companies operating in China to establish wholly owned institutions.
Costa is the first foreign company to receive approval under the new rules, which enable it to solicit passengers, issue tickets, process proceeds and accept payment in renminbi, China’s currency.
“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,” said Pier Luigi Foschi, chairman and CEO of Costa Crociere.
“The wholly owned foreign enterprise status is our new instrument to develop business in China and enhance our commitment to long-term development in this marketplace,” said Foschi.
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