A number of business deals with potential value in the billions of dollars have been signed during the visit of an international delegation from Guangdong, China, helping to grow the economy and create new jobs for British Columbians.
Guangdong Party Secretary Hu Chunhua and more than 200 government and business representatives were in B.C. from May 8-9, 2016, to build on the B.C.-Guangdong sister-province agreement, which celebrated its 20th anniversary last year. This agreement commits both provinces to working together to identify new opportunities for trade, investment and cultural exchange. As part of Party Secretary Hu’s visit, several B.C. and Guangdong companies and organizations announced major partnership deals.
One of the most significant is between B.C.-based Woodfibre LNG and Guangzhou Gas Group for one million tonnes of LNG to be exported to Guangzhou for the next 25 years. The LNG offtake contemplated in the Heads of Agreement, which the companies estimate has a multi-billion dollar value, will provide a long-term stable supply of natural gas to meet rapidly growing clean-energy needs in Guangzhou, China.
“This is one of many significant agreements signed yesterday, all of which demonstrate the great amount of confidence international companies have in the B.C. economy,” said Premier Christy Clark. “What’s most significant about these deals is the diversity of the sectors involved, from education and renewable energy to clean technology and medical research. We are diversifying our economy and creating a new future for trade and investment between B.C. and China.”
“Developing stronger ties with China enables British Columbia to diversify our natural gas sector and to improve our future export markets,” said Minister of Natural Gas Development Rich Coleman. “The Woodfibre LNG and Guangzhou Gas Group agreement showcases the significance of our trade relationship with China and our capacity to supply new markets with clean energy.”
In total, 11 agreements valued in the billions were signed between B.C. and Guangdong companies, including:
- Burnaby-based Ballard Power Systems signed a non-binding letter of intent with Guangdong Synergy Hydrogen Power Technology Co., Ltd. for the potential transfer of fuel cell technology and the manufacture of fuel cell products in Guangdong Province.
- As a followup to the low-carbon development memorandum of understanding (MOU) signed between B.C. and Guangdong in November 2015 during Premier Clark’s visit to Guangdong, BC Hydro and Guangdong Power Grid have signed an MOU on potential co-operation and information exchange on smart-grid technology and energy-saving programs.
“B.C. is continually working to expand and diversify its trade relationship with key markets in Asia, and our relationship with Guangdong is one of our strongest,” said Minister of International Trade Teresa Wat. “We have trade and investment experts on the ground in Guangdong who played a key role in bringing this delegation to B.C. and facilitating these business-to-business deals. We can see that what we are doing is working and will result in even more trade and investment between our two provinces moving forward.”
Also on May 9, 2016, the People’s Government of Guangdong Province of China hosted the China (Guangdong)-Canada (British Columbia) Economic and Trade Cooperation Conference at the Vancouver Convention Centre. The forum focused on strengthening diplomatic and economic ties between China and Canada.
This is Party Secretary Hu’s first visit to British Columbia after receiving an invitation from Premier Christy Clark when she met with him in Guangdong in November 2015.
For more information about Guangdong Party Secretary Hu’s visit: https://news.gov.bc.ca/releases/2016PREM0053-000742
For more information about B.C. trade and investment opportunities, visit: http://www.britishcolumbia.ca/
Learn more about the BC Jobs Plan at: www.bcjobsplan.ca