Canadian Ambassador Calls for Canada, China to Expand Investment Scale
2006-02-18 01:08:35
CRIENGLISH.com
Canadian ambassador to China Robert Wright on Friday called for Canada and China to further expand their investment scale.
The ambassador noted that bilateral investment volume between the two countries is still too low as compared with the current rapid growing bilateral trade volume.
China is now the second largest trade partner of Canada after the United States. The China-Canada trade volume reached 35 billion Canadian dollars (approximately 25 billion US dollars) last year, while the bilateral investment volume was much lower.
Canadian investments in China in actual use were only 4.5 billion US dollars until 2004, and Chinese investments in Canada were less than 500 million US dollars.
However, the situation is improving, Wright said, noting that some Canadian financial, telecom and insurance companies are exploring the Chinese market at present.
Canadian telecom giant Nortel Networks set up a group of more than 1,000 researchers in south China's Guangdong Province.
Cooperation between the two countries in other fields, such as automobile fittings, is also going well.
The cooperation in the energy sector has been growing fast recently, the ambassador said. Canada has the second largest oil reserves in the World, only after Saudi Arabia.
The ambassador said the Canadian government has been in contact with a number of Chinese firms with the purpose of encouraging cooperation in the energy area. "Prospects for cooperation in this area look very good," he noted.
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Producer: Li Yongjing