China would be building a foreign economic and trade cooperation zone in each ASEAN country in the next five years, Gao Hucheng, Vice Minister, Ministry of Commerce, has said.
Speaking at the China – ASEAN Investment and Cooperation Roundtable held at the eighth China – ASEAN Expo & Business and Investment Summit, Mr. Gao said investment cooperation forms an important part of developing the China - ASEAN free trade area.
He added that building foreign economic and trade cooperation zones in each of the ASEAN countries would create platforms for Chinese enterprises to make productive investment in various clusters in ASEAN countries.
Foreign economic and trade cooperation zones are those zones that are either built or participated by Chinese domestic enterprises under the guidance of national co-ordination. These industrial processing zones and technology parks have relatively better infrastructure and more fully-integrated industrial chain.
China has already built five such economic and trade cooperation zones in four ASEAN countries. These are the Sihanoukville Special Economic Zone in Cambodia, Thailand Rayong Industrial Park in Thailand, Longjiang Industrial Park in Vietnam, Vietnam – China (Haiphong - Shenzhen) trade and economic cooperation zone, and Indonesia – China economic and trade cooperation zone.
By end of August 2011, 68 Chinese companies had contracted to invest US$ 1.05 billion in these five economic and trade cooperation zones, with US$ 419 million worth of actual investment completed.
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