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Sino-Australian investment relationship: Building on strength
Last Updated(Beijing Time):2011-11-11 15:24

By Li Jingjing

Ms Frances Adamson, the Australian Ambassador to China pledged that Australia remains committed to promoting investment flows between Australia and China to further harness the potential of the deepening economic relationship.

The ambassador made the remarks at the Invest in Australia Seminar of the two-day 3rd China Overseas Investment Fair held in Beijing from Nov. 8, 2011.

"The economic relationship between Australia and China has blossomed over the near 40 years of diplomatic relations between our two countries, and in particular in the period of China's spectacular economic growth of the past two decades," she said, "Investment forms a cornerstone of this important relationship. I trust today's session will assist in building the investment relationship by improving understanding of our approach to foreign investment."

Adamson pointed out that Australia has a number of checks and balances in place to ensure that all forms of investment, be they domestic or foreign, meet a range of community standards. These standards protect various aspects of the national interest, from protection of Australia's natural environment and indigenous culture, through to the labor standards applied to Australian workers.

"We are committed to making our regulations as transparent as possible, and stand ready to assist investors from China and elsewhere as they consider entering the Australian market," Adamson said.

"With the many success stories of Chinese investment in Australia's mining sector, we hope too that China will consider further reforms of its foreign investment regulations to allow Australian companies to lend their expertise to efforts to develop China's resource sector and boost mineral and energy self-sufficiency," Adamson added.

According to the ambassador, China accounts for a modest amount of Australia's outbound foreign direct investment, less than 2 per cent. "We want that to grow. We want our investment relationship to be genuinely two-way. Just as Chinese investment benefits Australia, Australian investment will also bring great benefits to China," She said.

Adamson further said that as China grows its economy in new directions, Australia can share its skills and experience in areas beyond natural resources C areas such as food safety, financial services, architecture and a myriad of other goods and services for which markets are still developing in China.

The ambassador spoke positively of the growth in relationship between the two countries, terming it as "impressive" and noted that the scope to broaden the engagement into new areas remains vast. 
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