Association of Southeast Asian Nations (ASEAN) member states
yesterday pledged to boost their investment and trade with China in
a bid to make the most of the free trade agreement between the two
sides.
"We look forward to China's investment in the mining sector,
which is proving to be a most lucrative area," said Sonia Brady,
Philippine ambassador to China.
She said there were also investment opportunities in
infrastructure, tourism, agriculture, and logistics infrastructure
and support systems such as warehousing, cold storage and
refrigeration facilities.
China has given full support to the Philippines' development
agenda in agriculture and the construction of railways. In
addition, "various large-scale Chinese investments in the
Philippines are currently under negotiation," said Brady.
Malaysian Prime Minister Datuk Seri Abdullah Ahmad Badawi urged
Chinese companies to make the most of the ASEAN Free Trade
Agreement to deepen regional economic co-operation and establish
joint ventures with ASEAN businesses.
"With their expertise and technological capabilities, I am
confident that ASEAN and Chinese entrepreneurs will be able to
forge large corporations which can match the transnational entities
of developed countries," he said.
Meanwhile, he suggested a better information flow in terms of
business opportunities in order to step up investment between ASEAN
and China.
He called on the private sector in China and ASEAN member states
to take calculated business risks, otherwise, the targets and
deadlines set out in these agreements will not be met, adding that
China is one of Malaysia's most important economic partners.
"Information, especially pertaining to new opportunities and
changes to rules and regulations, must be shared with and
disseminated to the private sector in a systematic and effective
manner," he said.
ASEAN members are satisfied with their strengthened trade ties
with China and expect a promising future.
"I am extremely pleased at the increasing bilateral trade
between our two countries, which reached US$17.6 billion last year
and is targeted to reach US$30 billion by 2010," Brady said. China
is now the third-largest trading partner of the Philippines.
Imports and exports between China and ASEAN hit US$116.3 billion
in the first three quarters this year, according to the statistics
from China's General Administration of Customs. The figure is
expected to rise to US$200 billion in 2010.
(China Daily November 2, 2006)