The development of trade and economic cooperation: steps forward
On September 23, 2016 the delegation from Wuhan of Chinese province Hebei paid a visit to Leningrad Region Chamber of Commerce and Industry. Delegates arrived with a purpose to negotiate on development of trade-economic cooperation. Foreign Economic Relations Department LRCCI and Leningrad Regional Integrated Center (LRIC) were the organizers of the meeting.
The delegation from China headed by Ma Zenli and deputy mayor of Popular government of Wuhan. Also representatives of large trading and extracting companies of Hebei province attended the meeting. All delegates noted how seriously expanded cooperation between China and the Leningrad Region, also they appreciated the importance of further development of mutually beneficial trade and economic relations. Among the main issues discussing during the negotiations were the cooperation between two institutions in the field of mining industry, mining opportunities of two countries, state policy towards mining companies in terms of safety oversight activities.
It should be noted, that today Hebei province is one of the largest industrial regions in China. The province provides a quarter of steel production in China. As noted by Chinese provincial association of metallurgical industry, in January-June of this year the profit of steel companies increased by 181% comparing with the same period last year, and the profitability of sales made up 3.02%. Thus, there is no doubt the fact that the steel industry of the province is on the rise.
As a result of the meeting, an Agreement of trade-economic cooperation between China metallurgical control of the Wuhan, Hebei province and Foreign Economic Relations Department LRCCI was sighted by the head of Foreign Economic Relations Department LRCCI and LRIC Lilia Arakelova and the Deputy mayor of Popular government of the Wuhan Ma Zenli. The parties agreed on the establishment of strategic partnerships. Also, the Agreement concludes the exchange of visits and cooperation, implementation of cultural exchange and arranging of joint trade negotiations. The importance of investment cooperation was discussed as well in the following areas: metallurgy, steel production, metal processing, interaction in the field of exchange of information on urban development, forest protection, wood processing.
China and the Leningrad Region have long-standing and productive relationship. Therefore, there is no doubt that the signing of this Agreement continued the tradition of strengthening economic cooperation between two partners.