Chairman Zhang Ruming of Liaoning Sub-Council of CCPIT & Liaoning Chamber of International Commerce,

Mr. Ivan Pomaleu, Managing Director of IPA of PNG,

Distinguished Guests,

Ladies and Gentlemen:

Good morning. I am so delighted to see many friends, old and new, from civic and business leadership of PNG attending today's business meeting. On behalf of the Chinese Embassy in Port Moresby, I would like to extend our warm welcome to all of you present today, and to express our appreciation to Mr. Ivan Pomeleu, Managing Director and other friends of Investment Promotion Authority for their great efforts to make this event possible. I also would like to welcome Chairman Zhang and his delegation to visit PNG, and wish him a very fruitful and successful visit.

I wish to avail myself of this opportunity to say a few words about China-PNG economic and trade relations. The Chinese government attaches great importance to the development of mutually beneficial cooperation between China and PNG and Pacific Island countries at large. As a developing country, China not only cares about its own economic and social development, but also that of PNG and other developing countries. A good momentum has been maintained in our bilateral trade and economic cooperation during the past few years. PNG has now become the largest trading partner of China in the South Pacific region. The total volume of our bilateral trade reached US$370 million last year, which was a new high in history. With the support of the governments of our two countries, the relevant companies of both sides signed last year an agreement on Ramu Nickel Mine Project with US$670 million investment, which is the largest China's investment project in the region. For a long time, China has done its best to support and assist PNG in its economic and social development with the implementation of a dozen of projects. We will continue to do so as in the past for the benefits of the people of PNG.

Looking ahead, there are great potentials for further expanding trade and economic cooperation between our two countries. Strengthening economic cooperation and increasing trade will help improve political relations between our two countries, while a sound and stable political relationship will, in turn, facilitate the growth of trade and economic relations. Therefore, it is my sincere hope that the business communities of both China and PNG will make new contributions for closer China-PNG relations.

Chairman Zhang was previously Director General of Liaoning Provincial Foreign Affairs Office and a friend of mine. Today, we are honored that Chairman Zhang will give us a detailed introduction of China's economic development, particularly that of Liaoning Province and its trade and economic cooperation with foreign countries.

Now without further ado, it is my pleasure and honor to introduce to you Chairman Zhang of Liaoning Sub-Council of China Council for Promotion of International Trade & Liaoning Chamber of International Commerce.