GUANGZHOU: This capital of South China's Guangdong Province vows to further tap the huge business potential in the European Union (EU), according to a forum held here last Friday (Nov. 12).

Efforts are to be made in seven fields like industry, service sector and infrastructure construction to enhance the Guangzhou-EU cooperation, said Xiao Zhenyu, Director-general of the Guangzhou Bureau of Foreign Trade and Economic Cooperation, at the forum.

Themed as "the European Union and China in the 21st Century towards a New Strategic Relationship", this Sino-Europe (Guangzhou) Economic & Trade Forum attracted high-profiled officials from both EU and China, as well as hundreds of businesspeople and experts in Sino-EU trade.

"China's opening over the past twenty years has created impressive economic growth while also creating opportunities for European business and the wish to ensure sustained economic growth and development has fuelled change even further", said Jacques Santer, the former President of the EU Commission, the former Prime Minister of Luxembourg, and the Chainman of Europe-China Commercial Union (ECCU).

Chen Kaizhi, Chairman of the Guangzhou People's Political Consultative Conference, echoed that the combination of Guangzhou's excellent investment environment, EU's traditional advantages in human resources and technology, and the modern management concepts will generate huge force for development as well as common success for both Guangzhou and EU entrepreneurs.

Discussion

Participants also have a heated discussion on the following topics: Possibilities and cautions of mutual fund cooperation between the EU and China; EU anti-dumping legislation and its practices on Chinese merchandises; Dealing with conflicts of intellectual property right; Iron-steel industry's cooperation and business exchanges; Experience of urbanization of European cities, which both sides are concerned about.

Xiao Zhenyu detailed the efforts to be taken to strengthen the economic and trading ties between GZ and EU efforts:

1. to strengthen cooperation in automobile, IT, petrol-chemicals, iron and steel, machinery, shipbuilding, bio-medicine, new materials and fine processing.

2. to enhance the cooperation in finance, commerce, logistics, exhibitions, restaurants and hotels, foreign trade and other related specialized services.

3. to strengthen the cooperation in city infrastructure construction and promote the construction of "Asian Games City".

4. to introduce EU investment in the strategic assets restructuring of the state-owned enterprises in GZ.

5. to encourage EU investors to join the development of Nansha and Guangzhou Economic and GZ Economic & Technologic Development District.

6. to develop in earnest the bilateral trade and optimize the mix.

7. to further open direct international fights from GZ to EU countries.

Guangzhou-EU Ties

At present, the EU has become the first trade partner of China, by surpassing Japan and United States. Statistics show that last year, Europe-China bilateral trade volume totaled 125.2 billion USD, breaking the historic record. Europe-China cooperation in economy and trade is facing unprecedented opportunities.

Guangzhou has become one of china's major cities with the fastest economic growth and greatest attractions to foreign investors. And it's a complete industrial manufacturing center in Pearl River Delta and one of the most important industrial bases in China. With its comprehensive economic strength ranks the third among the cities of China, Guangzhou will bring about more opportunities for the international business circle, including enterprises in the EU.

At present, EU has become the third trading partner of GZ, only next to USA and Hong Kong. In the year of 2003, the trade volume of GZ with EU reached USSD 4.173 billion, an increasing of 38.38 percent. For the first nine months this year, trade volume with EU from GZ marked USD 4.006 billion, increasing by 29.24% and accounting for 14.72% of the city's total.

Investment from EU in GZ is growing year by year. By the end of Sept. this year, EU investment has targeted USD 714 million with 330 projects in all. A number of multi-nation companies from EU member countries come to find their fortune in Guangzhou. Such electric giants as Siemens, Schneider, Philips, and large machinery manufacturer like Bosch, Linde already have strong presences in Guangzhou.

Editor: Olivia