China and the Arab world plan to more than triple bilateral trade in five years, an ambitious target set at the end of a two-day China-Arab business conference that concluded on Wednesday in Beijing.
"Trade between China and Arab countries was US$36.7 billion last year, and we expect the figure to reach US$100 billion in five years' time," Minister of Commerce Bo Xilai said at the event yesterday.
China's long-term demand for crude oil and petrochemical products from the region will continue, and Chinese exports such as textiles and machinery are proving increasingly popular because of their good quality and reasonable prices, he said.
Bo listed factors conducive to increasing Sino-Arab economic collaboration: five direct air routes between China and the Arab world; the 10,000-plus Arab businesspeople who attend the Guangzhou Commodity Fair each year; and the more than 5,000 Arabs who conduct business in east China's Zhejiang and Jiangsu provinces.
At the end of last year, Chinese investment in Arab countries hit US$5 billion, while Arab investment in China was US$700 million, according to the Ministry of Commerce.
Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference, said China and Arab nations share the common objectives of developing their economies and improving people's living standards.
Jia noted that the two sides complement each other in many areas, such as capital, technology, natural resources and markets.
Amr Moussa, secretary-general of the League of Arab States, said in a statement that a free trade zone would be established among member states this year, which would present a huge, unified market of an estimated population of 280 million.
He added that China would continue to be a major importer of oil and gas.
Sinopec, China's largest oil refiner, is involved in about 120 projects in the region and is seeking more opportunities, according to Chen Tonghai, the company's president.
Seven contracts were signed at the conference, including those involving investment, power-plant construction and machinery exports.
(China Daily April 14, 2005)
