Economy

China, Ecuador sign $20m cooperation agreement

(Xinhua)
Updated: 2010-11-18 10:59

QUITO, ECUADOR - China and Ecuador signed an economic cooperation agreement on Wednesday at the 11th meeting of the Sino-Ecuadorian Mixed Commission of Economic and Commercial Cooperation.

Ecuadorian Exterior Commerce and Integration Vice Minister Francisco Rivadeneria and Chinese Vice Minister of Commerce Zhong Shan signed the agreement on behalf of their respective governments.

Under the agreement involving $20 million, eight Chinese companies will import bananas and fish powder from Ecuador.

Zhong, who heads a Chinese business delegation to Ecuador, told Xinhua that the past few years have seen continuous growth of bilateral trade between the two countries.

"In 2009, the bilateral trade volume increased to $2.4 billion, registering a 10 percent increase, making Ecuador China's 10th largest trade partner in Latin America," Zhong said.

He added China hopes Ecuador will further promote business with China and welcomes Ecuadorian business people to invest in China.

According to Zhong, Chinese investments in Ecuador now amount to $2.2 billion, mainly in infrastructure, communication and energy sectors.

Shale gas lures oil majors Related readings:  Tongling, China Railway to invest $3b in Ecuador copper mine  China, Ecuador to further trade cooperation Chinese?firm to build biggest hydropower project in Ecuador

The members of the Chinese business delegation include such leading Chinese companies as Sinochem, COFCO Corporation, the China National Service Corporation, the China Agriculture Development Corporation, the China National Light Industrial and the China Chengtong Holdings Group Ltd.

During their stay in Ecuador, the Chinese delegation members also held talks with 16 Ecuadorian companies in agriculture, cacao, coffee, timber, fishery and seafood sectors.

According to Ecuadorian Foreign Minister Ricardo Patino, the Ecuadorian government is willing "to strengthen commercial ties with China" and welcomes more Chinese investments in Ecuador, citing the project "Coca Codo Sincalir", the biggest hydropower plant being built in the south American country.

Patino said Chinese investment is part of the solid mutual cooperation between Ecuador and China, adding that China "respects our dignity as a country ... our ties are that of brother countries."