PNG – China Bilateral Trade Reaches US$488 Million

Chinese Ambassador Wei Ruixing recently announced that Trade between China and Papua New Guinea for the first half of this year reached US$488 million – a 38 percent increase from last year.

The Ambassador was speaking at a reception marking the 59th anniversary of the founding of the People’s Republic of China at the Chinese Embassy in PNG and predicted that bilateral trade would soar with the Ramu Nickel Mine Project to start operations in 2009:

“Good momentum has been maintained in the bilateral relations between China and PNG, with constant expansion in scope and depth of our bilateral trade and economic cooperation.

The total volume of our bilateral trade for the first half of this year recorded US$488 million with an increase of 38 percent. More and more reliable Chinese enterprises have been investing in PNG, with about US$11 million last year.

“PNG has been the largest trade partner and investment destination country of China among the South Pacific Island countries during the past few years. With the construction of Ramu Nickel Mine Project to be completed and put into operation in the second half of next year, the economic cooperation between China and PNG will be lifted to a higher level.

Further development of China-PNG friendly and cooperative relations is in conformity with the common interests of the two peoples.

The Chinese government is ready to work with the PNG government and people to promote the mutual understanding and friendship between the two peoples, expand and deepen the mutually beneficial cooperation in all fields, continue our mutual support and sound cooperation in the international and regional affairs, so as to ensure the stable and sound bilateral relations between the two countries in the years and decades to come”.

Ruixing said exchange and cooperation between the two countries in the fields of culture, education, health, agriculture, fisheries, and others is also producing fruitful results.

Examples of this 2008 cooperation include the following:

• 26 PNG students granted Chinese government scholarships to pursue their degree studies in China
• Over 50 government officials and technical personnel of different sectors being trained in China for various programs
• The fourth Chinese medical team dispatched by Chinese government will arrive in Port Moresby in November to provide continuous medical services to the local people
• A series of Chinese government-aided projects, such as teachers’ houses and students’ dormitories of Vudal University and Lae fish processing factory (which have both been completed are now in operation)

NOTE:

To read my previous post about Chinese Aid and Investment in PNG click here.

~ by Tavurvur on October 5, 2008.