China hopes to sign investment protection agreement with more Portuguese-speaking countries

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Last updated at: (Beijing Time) Monday, October 13, 2003

China hopes to sign investment protection agreement with more Portuguese-speaking countries

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China will seek cooperation with Portuguese-speaking countries on clinching investment protection agreement (IPA) to safeguard legitimate rights of investing companies from both sides, said a senior Chinese commerce officialhere Sunday.

An Min, Chinese vice minister of commerce, said at the Forum for Economic and Trade Cooperation between China and Portuguese-Speaking Countries Sunday that international investment has becomean increasingly important approach for countries to engage each other in economic cooperation.

In order to promote investment, capital recipients are bound toresort to legal means to protect investment and thus attract more investors to China.

Since China signed its first IPA with Sweden in 1982, it has clinched IPA with 105 countries, including three Portuguese-speaking countries, namely Portugal, Mozambique and Cape Verde.

"China has become more decisive in securing IPA agreement with foreign countries as more Chinese firms are investing overseas," said the vice minister, adding that China will actively seek negotiations through diplomatic channels with those Portuguese-speaking countries that have yet to enter IPA talks with it.

China is also willing to strengthen bilateral cooperation with IPA signatory countries and further amend IPA articles, which is conducive to encourage mutual investment and better protect the legitimate rights of investors, he said.

Figures from the Ministry of Commerce suggested that by the endof 2002, Portuguese-speaking countries were involved in 299 investment projects in China with the total contractual value worth 364 million US dollars. Meanwhile, China has accumulated 82 projects in the Portuguese-speaking countries, and the investment has reached 184 million dollars.

An Min said that with a population of 1.3 billion, China can provide a huge market for the resource-rich Portuguese-language countries. Its "go out" strategy will encourage more Chinese investing firms to engage themselves in tapping the resources.

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