Forum promotes Chinese investment in Canada

VANCOUVER -- Companies from China and Canada signed cooperation agreements at a forum Tuesday, marking Canada's latest move to draw money flows from China.

Four companies from the two countries signed Memorandums of Understanding in the forum, which focused on increasing China's investment in Canadian western provinces and attracted more than 100 executives from the two countries.

Vancouver-based Russell Brewing Company agreed to create a Russell Breweries China Inc with its Chinese partners, and Beijing Dream Lighting City Culture Development Co Ltd, a designing company from China, decided to work with the David Robinson Studio Inc for designing the Valley of the Emperor in western China.

Alison Keller, who signed a MOU on behalf of the Vancouver-headquartered sculpture company, said China was at the forefront of public art and the signing would significant boost cultural exchanges of the two sides.

"It's an important expression of faith and goodwill between the two countries, when you have a Chinese company inviting a Canadian artist to come and do a project with them," she said.

Brian Harris, Russell Brewing's CEO, told Xinhua that the cooperation potentially worth "tens of millions of dollars," adding that the joint venture, based in Hefei, China's central Anhui province, was expected to supply draft beer to the market around China's 2013 Lunar New Year.

"We're starting out modestly with one operation and if that is successful, a number of satellite operations in China will move forward," Harris said.

Besides, China Council for Promotion of International Trade, the Asia Pacific Foundation and Jack Austin Center will work together to study the development of China's global investment.

In a keynote address, British Columbia Premier Christy Clark said that as the world's "economic heartbeat moves to Asia", it was vital for Canada to promote trade with China, which was a key agenda of her government.

The past 11 months have seen two trade missions from China visit B.C., and the region's exports to the world second economy have grown to C$2.8 billion ($2.69 billion), up by nearly 25 percent from last year.

"Chinese investors want to see significant returns on the investments, and they want to see them in a timely fashion," she said.

In the speech, Clark also promoted the western province's budding natural gas industry, as its first liquefied gas facilities on the coastal area are scheduled to export gas by 2020.

Another Canadian province eyeing China's investment is Saskatchewan, a prairie province that boasts of rich natural resources in oil, potash and agriculture expertise.

"I think right now, they (Chinese companies) are looking for longer-term return and longer-term stability," said William Wang, China Unit director of Saskatchewan Inter-governmental Affairs.

"In Saskatchewan we have all that they want ... investment environment, and also policy."