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China inks $300m deals with Swiss firms

(Xinhua)
Updated: 2009-02-26 22:49

ZURICH, SWITZERLAND -- A Chinese business delegation inked trade deals worth more than US$300 million with Swiss companies on Thursday, ending the second leg of their four-state procurement tour in Europe.

Swiss Economy Minister Doris Leuthard and Chinese Commerce Minister Chen Deming (L) gesture during the Chinese-Swiss Economic and Trade Forum in Zurich February 26, 2009. [Agencies]

The agreements covered products ranging from software to electric equipments and metals, which meet China's domestic needs, according to Chinese trade officials.

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Among those agreements, Switzerland's ABB, a global leader in power and automation technologies, signed a letter of intent for the supply of generator circuit breakers to China Nuclear Power Engineering Company.

Switzerland's Glencore, one of the world's largest suppliers of a wide range of commodities and raw materials to industrial consumers, also signed a deal with Chinalco, the world's second largest alumina producer and the third largest primary aluminum producer.

Holcim, one of the world's leading suppliers of cement and aggregates based in Switzerland, deepened its partnership with China's Huaxin Cement Company (HCC). They signed a frame agreement for technical service, technology and new equipment supplies covering the next two years.

Holcim is already the single largest shareholder in HCC, holding a stake of 39.9 percent of the Chinese firm.

"HCC with Holcim's support will continue to strengthen and extend its leading role as a modern cement producer in China," the two companies said in a statement.

Chinese Commerce Minister Chen Deming, who led the delegation, said that apart from the half-day trip, there will be more Chinese business delegations coming to Switzerland for trade and investment opportunities.

Swiss Economy Minister Doris Leuthard said that a Swiss business group will also go to China within the year.

Both ministers witnessed the deal-signing ceremony and opened an economic and trade forum with the aim of intensifying relations between Swiss and Chinese companies.

Earlier on Thursday, they signed a memorandum on the intensification of technical cooperation in the field of environmental technology.

"Switzerland and China will cooperate more strongly to ensure that economic growth can be shaped in a more sustainable and environmentally-sound manner," the Swiss government said.

To this end, a joint working group is to be established to examine the potential for cooperation in the areas of technology, energy efficiency, renewable energies and the efficient use of resources. It will submit proposals on the shape of this cooperation.

The Chinese business delegation will go to Madrid, Spain later on Thursday to continue its European tour.