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China inks trade deals with Swiss companies

(Xinhua)
Updated: 2009-02-27 08:15

ZURICH, SWITZERLAND -- A Chinese business delegation inked trade deals worth more than $300 million with Swiss companies on Thursday, ending the second leg of their four-state procurement tour in Europe.

The agreements covered products ranging from software to electric equipments and metals, which meet China's domestic needs, according to Chinese trade officials.

Chinese Commerce Minister Chen Deming (L) shakes hands with Swiss Economy Minister Doris Leuthard at a press conference in Zurich, Switzerland, February 26, 2009. Chen and Leuthard attended here on Thursday the Sino-Swiss Economic and Trade Forum with the aim of intensifying relations between Swiss and Chinese companies. [Xinhua]

Among those agreements, Switzerland's ABB, a global leader in power and automation technologies, signed a letter of intent for the supply of generator circuit breakers to China Nuclear Power Engineering Company.

Switzerland's Glencore, one of the world's largest suppliers of a wide range of commodities and raw materials to industrial consumers, also signed a deal with Chinalco, the world's second largest alumina producer and the third largest primary aluminum producer.

Holcim, one of the world's leading suppliers of cement and aggregates based in Switzerland, deepened its partnership with China's Huaxin Cement Company (HCC). They signed a frame agreement for technical service, technology and new equipment supplies covering the next two years.

Holcim is already the single largest shareholder in HCC, holding a stake of 39.9 percent of the Chinese firm.

"HCC with Holcim's support will continue to strengthen and extend its leading role as a modern cement producer in China," the two companies said in a statement.

Chinese Commerce Minister Chen Deming (L) shakes hands with Swiss Economy Minister Doris Leuthard, after signing a memorandum on the intensification of technical cooperation in the field of environmental technology, in Zurich, Switzerland, February 26, 2009. [Xinhua]

Chinese Commerce Minister Chen Deming, who led the delegation, said that besides this team, there will be more Chinese business delegations coming to Switzerland for trade and investment opportunities.

Swiss Economy Minister Doris Leuthard revealed that a Swiss business group will also go to China within the year.

Both ministers witnessed the deal-signing ceremony and opened an economic and trade forum with the aim of intensifying relations between Swiss and Chinese companies.

Addressing the forum, Chen said that cooperation is the effective way to tackle the international financial crisis which posed great challenge to world economy.

"Past experience shows that in time of crisis it is all the more important to adhere to a policy of openness and cooperation," he said. "Protectionism will not revive the economy. Rather, it will exacerbate the recession."

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