Brasilia, Brazil, 01 Sept – The president of the Permanent Committee of China’s Popular National Assembly, Wu Bangguo, said Thursday at the Brazilian parliament that it was “perfectly viable” to reach the target of US$20 billion of bilateral trade between China and Brazil by 2007.
According to figures from the Brazilian government, trade between the two countries totaled over US$12.7 billion in 2005 and between January and July of this year had reached US$8.8 billion, and whilst Brazil is China’s biggest trading partner in Latin America, China is also Brazil’s largest Asian trading partner.
Wu also said that Chinese companies had already taken part in more than 50 large engineering projects in Brazil and Brazilian companies had taken part in the construction of the Three Gorges hydroelectric dam on the Yang Tse River.
“The bilateral cooperation of great importance, in areas such as production of steel, aluminium, iron ore mining, coal production, construction of gas pipelines, are all at different stages of progress,” he added.
Wu is currently in Brazil, after a stop off in Portugal, and his visit is due to end Sunday. His schedule includes visits to Sao Paulo and Manaus which is the location of an important industrial development hub.
As part of Wu’s visit to Brasilia, Chin and Brazil signed several agreements, such as the acquisition of 100 Embraer jets by the Hainan Airlines Company, the fourth largest Chinese airline, for US$2.7 billion, a deal which was announced Wednesday.
The two countries also signed memoranda of understanding between Brazil’s Eletronorte and the CITIC group for construction of a hydroelectric plant on the Madeira river and between the ZTE Corporation and Evadin Indústrias Amazónia for manufacturing mobile phones in Manaus, in the state of Amazonas.
From Brazil, Wu is due to travel on to Uruguay and later, Chile. (macauhub)