Hon Colin Barnett MEc MLA

Hon Colin Barnett MEc MLA

Former Premier; Minister for Tourism; Science

    New WA-China agreement

    16/09/2011 12:00 AM
     
    • First ever MoU signed between China’s NDRC and a non-national Government
    • Will build stronger relationship between WA and China
    • Will establish a China-Western Australia Investment Facilitation Working Group

    The Western Australian Government and China’s key economic planning body have agreed to work together to promote bilateral business and investment.

     

    In Beijing today, WA Premier Colin Barnett signed a Memorandum of Understanding (MoU) between the Western Australian Government and China’s National Development and Reform Commission (NDRC) covering bilateral trade and investment co-operation.

     

    “This is a very significant document as it will be the first ever MoU that the NDRC has signed with a non-national Government,” Mr Barnett said.

     

    “Exports from WA represent 73 per cent of Australia’s exports to China and 80 per cent of China’s investment in Australia is in Western Australia.

     

    “Both WA and China will support and encourage increased Chinese engagement in the development of key Western Australian industry sectors, and greater participation in key Chinese sectors by Western Australian companies and companies with strong commercial ties to WA.

     

    “The MoU also establishes a China-Western Australia Investment Facilitation Working Group, which will bring Western Australian and Chinese officials together annually to discuss relevant issues such as local content policies, identifying key growth sectors and opportunities for joint development initiatives and opportunities to establish alliances between Chinese and WA businesses.”

     

    The Premier said the MoU covered sectors including resources; resources-related technologies; energy (including renewable energy); agriculture and food; machinery; chemicals; and infrastructure. Opportunities exist for this to extend to resources-related education and training in the future.

     

    The China-Western Australia Investment Facilitation Working Group will meet annually in either Western Australia or China.

     

    The NDRC oversees restructuring of China’s economic system and formulates economic development policy including China’s approach to key overseas investment markets and approves major infrastructure projects.

     

    The commission reports directly to China’s highest executive body, the State Council of the People's Republic of China.

     

          Fact File

    Premier's office - 9222 9475