Premier Colin Barnett has announced the signing of "world first" agreement with a powerful Chinese government agency, as part of a two-day visit to Beijing designed to facilitate Chinese investment in major WA projects, particularly the $6 billion Oakajee port and railway development.
In Beijing today, Mr Barnett signed a Memorandum of Understanding (MoU) between the WA government and China’s National Development and Reform Commission (NDRC), which formulates key economic policies, including for overseas investment markets, and approves major infrastructure projects.
The deal is a world first for the NDRC given the agreement is with a non-national government, Mr Barnett's statement said.
He said the MoU would encourage trade and investment in the resources; resources-related technologies; energy (including renewable energy); agriculture and food; machinery; chemicals; and infrastructure industries and opportunities exist for this to extend to resources-related education and training in the future.
“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," 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 agreement will mean the China-Western Australia Investment Facilitation Working Group will meet annually in either Western Australia or China.
The specific focus of Mr Barnett's visit was beieved to be the stalled Oakajee development. He is keen for Chinese entities, which have invested in iron ore projects in the Mid West, to also be investors in the infrastructure development.
