Trade and Economic Relations with Pacific Island Countries

Liao Xiaoqi, Vice Minister of Commerce of PRC, said at the Ministerial Meeting of China-Pacific Island Countries Economic Development & Cooperation Forum held in the afternoon on April 5 that Chinese government attached much importance to trade and economic relations with Pacific Island Countries, and bilateral cooperation of mutual benefit developed steadily.

　　Mr. Liao Xiaoqi pointed out that China and Pacific Island Countries were endeavoring to develop economy, China and Pacific Island Countries were strongly complementary to each other economically and had great cooperation potential. The two sides had an extensive prospect of cooperation in tourism, agriculture, fishery, forestry and mineral industry. Besides, he encouraged Chinese enterprises to increase the understanding of Pacific Island countries through the Forum to actively seek for opportunities to develop cooperation with the countries.

　　It is learned that bilateral trade between China and Pacific Island Countries amounted to US$840 million in 2005, up by 58% on a year-on-year basis. By the end of 2005, value of newly signed contracts by China in Pacific Island Countries reached US$2 billion, and total 70 Chinese investment enterprises were invested to establish in the countries.

　　In the afternoon, Mr. Liao Xiaoqi and ministers from Papua New Guinea and Vanuatu signed a series of bilateral government agreements like Agreement on Establishment of Trade and Economic Joint Committee Between China and Fiji, and MOU on Cooperation Between China and Fiji in Infrastructure Construction. Enterprises from China Communications Construction Group, China National Agriculture Development Group, Huawei and CATIC Group etc. and from Papua New Guinea, Vanuatu and Fiji signed contracts of business.