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MOU with China heralds new economic era
Submitted 24/06/2010
www.southaustralia.biz
South Australia and China have entered a new era of economic co-operation with the signing of a Memorandum of Understanding between Industry and Trade Minister Tom Koutsantonis and Mr Chen Yuan, President of China Development Bank.
Mr Koutsantonis signed the MOU in Canberra in front of Chinese Vice President Xi Jinping.
"This MOU will enhance investment opportunities in resources, infrastructure and agriculture and is the culmination of intensive negotiations between South Australian Government officials and the China Development Bank," Mr Koutsantonis says.
"It will open more doors to two way investment and trade with the world's fastest growing economy."
In April this year, CDB representatives visited Adelaide and met businesses working with Chinese companies on South Australia projects.
"We are working closely with the Bank's commercial clients to increase investment and trade relations and boost Chinese investment in South Australia.
"The resilience of the Chinese economy is one of the keys to Australia's and South Australia's economic performance and our State continues to cultivate strong and mutually beneficial ties with China."
While in Canberra, Mr Koutsantonis also witnessed the signing of a joint venture agreement between the China National Offshore Oil Corporation (CNOOC) and Altona Energy in a project in the Arckaringa Basin, near Coober Pedy, to extract coal and convert it to oil.
The multi-billion dollar project will produce 8 million barrels of oil per year.
