China eyes more deals

Business

LAST November, on the margins of Asia-Pacific Economic Cooperation (Apec) Leaders Week, Chinese President Xi Jinpin visited Papua New Guinea and concluded 14 memorandum of understandings (MoUs) with respective government departments, statutory sector agencies and provincial governments.
Thirteen MoUs worth nearly US$600 million (K2.02bilion) in the areas of timber, cocoa, seafood, mixed hydroxide product and gold concentrate were signed with PNG and Chinese companies in Port Moresby to facilitate for more Chinese investment in the country.
Director-general of the ministry of commerce of China Zhang Li led a delegation of 33 Chinese investors on a trade matchmaking tour to PNG.
The signing ceremony took place in Port Moresby on Friday with representatives from the Chinese Embassy, PNG Investment Promotion Authority (IPA), representatives from the PNG business community and government officials.
“We organise a group of entrepreneurs to implement economic and trade deals to Pacific island countries which also proves that the Chinese government places great importance on further deepening the trade and economic relationship between China and PNG as well as the Pacific” Zhang said.
“Under the background of globalisation and regional economic integration, we have common interests so it is time to strengthen our cooperation.
“So China is willing to support the import of PNG products and to promote more PNG goods to the Chinese market.”
Zhang said the Chinese commerce ministry was willing to work with the IPA to strengthen further economic cooperation.
“We hope to build up more platforms for those enterprise to enhance our cooperation and achievement.”