Jiangxi officials sign US$6.9b in metals contracts at trade fair

Jiangxi province officials signed US$6.9 billion in contracts at a Hong Kong trade fair yesterday, and said they would support foreign companies that invested in the development of metal mining, steel and infrastructure, or took a strategic stake in related companies.

Officials from the eastern province signed contracts related to 40 projects that will bring a combined US$2.74 billion in foreign investment.

'Other than bring in fresh funds, we hope to introduce international management and technology from the foreign companies,' said Li Tianou, the vice-director of the Jiangxi provincial State-owned Assets Supervision and Administration Commission.

Liu Wenhua, the director of Jiangxi Foreign Trade and Economic Co-operation Bureau's foreign investment promotion division, said the projects included the 131km Nanchang-Jiujiang intercity railway, which would involve an investment of US$900 million.

Mr Liu said a Hong Kong company and a Canadian firm had agreed to invest a combined US$260 million in the railway link.

In another deal, Hong Kong-funded China South International Industrial Materials City has agreed to invest US$625 million in building a logistics park in the province.

Projects under discussion that may seek to bring in foreign companies as investors include Jiangxi Copper's 10 billion yuan copper sheet and strip project, Mr Li said.