A memorandum on construction and operation guarantees for Macao International Airport's upstream cargo terminal project in Hengqin of Zhuhai, Guangdong province, was signed on Monday to boost the airport's regional aviation hub competitiveness.

"Upon completion, the project will seamlessly connect the Macao airport with the Hengqin freight station and promote the development of various emerging industries in the cooperation zone, achieving mutual benefits for the regional economy," said Li Ziwei, director of the economic development bureau of the Hengqin Guangdong-Macao In-Depth Cooperation Zone.

The upstream cargo terminal project will be jointly built by Macao International Airport and COSCO Shipping Logistics & Supply Chain Management, a subsidiary of COSCO SHIPPING Group, with an investment of 700 million yuan ($96.57 million).

The design and subsequent approval work will proceed, with the aim of commencing construction of the project in the first quarter of 2025, according to Chan Weng Hong, chairman of the executive committee of Macao International Airport.

"This initiative will assist the special administrative region government in enhancing Macao's aviation logistics capabilities and actively promoting regional economic development," said Chan.

The project will relocate the airport's security check and cargo distribution functions to the cooperation zone in Hengqin.

"The project will enable the rapid interconnection of import and export goods between Guangdong and Macao, creating a modern aviation logistics service system," said Chan.

Moreover, it will help strengthen the air logistics channel for economic and trade cooperation between China and Portuguese-speaking countries, fostering a new model of coordinated logistics operations between Hengqin and Macao, according to Chan.