PNG Part Of Belt And Road Initiative
Papua New Guinea will be part of China’s advancing its Belt and Road Cooperation.
China’s Minister for Commerce Zhong Shang in a press conference held in Beijing on Sunday announced that with the country’s 70th anniversary they are now looking at strengthening and deepening China’s trade and commerce relations with all 38 Belt and Road countries of which PNG is a member of.
Mr Zhong said this is because China has seen a continuous expansion of its trade with BRI countries.
He said China’s share of trade with BRI countries is increasing every year including its currency.
He said Chinese companies have heavily invested US$13 billion to BRI countries and the total value of contracted and engineering projects to BRI countries also exceeded US$720 billion.
“The BRI countries have also invested in China with more than US$48 billion in terms of major projects and industrial parks and we have seen the implementation of some of these projects,” he said.
Mr Zhong said as a result they have now established a trade working group with 8 BRI countries and a trade working committee with five countries.
He said the focus of these two groups is to first build an open platform to allow for more trade so that more products from the BRI countries can access the Chinese market.
“To create two way markets to deepen the strategic investment project connectivity with relevant countries to ensure there’s a balance in our trade with them and also with our companies to engage cooperation on e-commerce with relevant countries and also to negotiate FDIs with BRI countries as well as to upgrade the FDI list for some of those countries,” he said.
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