China encourages Chinese enterprises to further investment in Argentina

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Last updated at: (Beijing Time) Wednesday, December 03, 2003

China encourages Chinese enterprises to further investment in Argentina

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A senior Chinese official said that China encourages more domestic enterprises to invest in Argentina, using its advantageous geographic position and preferential policies for foreign investment to develop the country's domestic market.

Yu Ping, vice-president of the China Council for the Promotion of International Trade (CCPIT), made the remark at a forum on promotion of China-Argentina trade here Tuesday.

He said China had witnessed soaring trade and economic cooperation with Argentina recently and Chinese enterprises have great interest in exploring the vast potential of further bilateral trade.

According to the latest official statistics, China-Argentina trade volume reached 2.5 billion US dollars from January to September, up 163.3 percent over the same period of last year.

Over 30 Chinese enterprises have established bases in Argentina,contributing 24.56 million US dollars in investment. Argentina hasfunded 279 projects in China, with a contracted investment value at 217 million US dollars and actual 68.96 million US dollars.

The visiting Foreign Minister of Argentina Rafael Bielsa noted that Argentina was shaking off the negative impact of the financial turmoil in 2002 by adopting positive economic polices.

He expressed the hope that Argentina could forge a cooperative partnership facing the future with China and upgrade the bilateralcooperation in the chemical industry and biological technology.

According to a prediction made by an Argentinean trade official,Argentina could expect a GDP growth of 6.5 percent this year and secure a trade surplus of 16 million US dollars.

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