Trade with China multiplies

Cutting of the ceremonial ribbon to mark the launch of the International Convention Center.

Chinese performers from the Shenzhen Arts Company.

By MATTHEW VARI

Sunday, October 2, 2016 (Sunday Chronicle, PNG)

AS Papua New Guinea and China celebrated a triple event during the week- the country was reminded of how much the countries have yielded together through a friendship that showed through on the balance sheet with trade relations.

Celebrating the treble events of the 40th Anniversary of diplomatic relations, the 67th anniversary of the People’s Republic, and the launching of the new International Convention Center from China to PNG- both countries benefitted from a trade volume valued at US$2.7 billion in 2015 alone.

“In 40 years, particularly in recent years, China and PNG have enjoyed cast progress in bilateral trade. The volume reached US$2,700 million or US$2.7 billion (K8 billion) in 2015, a growth of 12.4 times compared to year 2000, in which the trade volume was only US$225 million,” Ruiyou said.

“By the end of last year, PNG topped any other country in the pacific region in receiving Chinese investments, which totaled US$496 million (K1.5 billion).”

“The Chinese government has also attached great importance to the economic and technical cooperation with PNG. In the last 40 years it has provided grant aid to a number of projects, including government scholarships for over 300 PNG students to undertake degree studies in China.”

Chinese Ambassador to PNG, Li Ruiyou, said the relationship with both countries had reached the maturity stage, as illustrated by the frequent exchanges experienced at the highest levels of both governments.

“I am very proud and happy to point out that during the 40 years of diplomatic relations our bilateral economic cooperation has delivered real benefits to both sides and also to facilitate the PNG economic development.”

“For the launching of the PNG International Convention Center, which is China’s biggest grant aid project in the pacific islands region, we share in the joy of its completion and its handover to the PNG Government and people.”

“I am proud now the Chinese government made the right decision to build an International Convention Center for PNG as PNG is in real need of such facility in its growing engagement in the world and national affairs,” he said.