Business between Australia and China to get better

Australian Minister for Resources, Energy and Tourism told industry leaders from Australia and China on Tuesday that business between the two countries is good and set to get better.

Addressing the Australia China Business Council s Canberra Networking Day at Parliament House, Martin Ferguson said with the rebound in China s demand for mineral and energy resources, Australia's challenge now is to secure a growing share of the investment and export opportunities this brings.

Ferguson said: China is now our largest two-way trading partner. Trade in two-way goods and services with China amounted to A$83 billion ($76 billion) last financial year, with one-third of Australia s mineral exports going to China. Mineral and energy exports to China were worth more than A$33 billion ($30 billion) last financial year.

Ferguson said on the investment front, both China and Australia are committed to finding a mutually beneficial way forward and we are having many more successes than failures. He said: Earlier this year, I had the pleasure of speaking at a ceremony formalizing the merger between Yanzhou Coal Mining Limited and Felix Resources. This acquisition represents one of the top 10 mergers and acquisitions undertaken in Australia in 2009 and represents a good deal for both Australia and China, he said.

Ferguson also highlighted that Australia was one of the first nations to receive Approved Destination Status from China facilitating group leisure travel from China to Australia.

This program is now in its 11th year and China regards Australia as a model partner in the scheme. he said.

Minister for Foreign Affairs Stephen Smith and the Minister for Trade Simon Crean also addressed to the once-a-year occasion in Canberra.