THE signing of the Ramu nickel and cobalt development between Papua New Guinea and a Chinese company marked a new era for the two countries?economic co-operation.
Ambassador of the Peoples?Republic of China to Papua New Guinea Li Zhengjun said in Port Moresby that there were a number of agreements signed between China and PNG and if all these agreements were successful, they would benefit the people of both countries.
Mr Li was speaking at a symposium in Port Moresby on the 95th Chinese Export Commodities Fair that will be held in China next month.
The symposium was held as part of the trade fair's campaign to attract more buyers of Chinese products during the trade fair.
Mr Li said trade relations between PNG and China had reached up to $US300 million (K1.006 billion) and most of it had been in PNG's favour.
In the investment sector, one of the memorandum of agreements signed by PNG and China during Prime Minister Sir Michael Somare's visit to China is the exploration of the Ramu nickel and cobalt mine in Madang,Mr Li said.
The Chinese Metallurgical and Construction Company has agreed to in principle to invest by itself about $US600 million (about K2 billion). If this project is successfully carried out, it will certainly benefit our two peoples.?br> He said China would always remain a good economic partner of PNG and continue to assist PNG.
Mr Li said Sir Michael's recent visit to China laid a solid foundation for the two countries to continue their mutual relationship.
I am sure with the concerted efforts of our two governments and peoples, the economic co-operation and trade will no doubt be advanced to a new level,?Mr Li said. He said the volume of trade between PNG and China had become the biggest compared to all the other Pacific Island countries.


The Post-Courier