New Zealand to invest US$12 million in China to expand trade

New Zealand Trade and Enterprise (NZTE) is to invest US$12 million in China to boost trade and promote its businesses.

The project will serve as a strategic plan for identifying key trade opportunities in China, especially during the 2010 Shanghai World Expo, said Rod MacKenzie, group managing director of North Asia with NZTE.

MacKenzie, said the investment would be used to develop a New Zealand concept center in Shanghai, which would chiefly provide information on New Zealand, such as travel, fashion, food and lifestyles. Meanwhile, New Zealand will open five new business offices in China in four years.

Locations of the five offices are yet to be decided, but the NZTE said that it had researched markets and trade opportunities in Wuhan, Dalian, Shenzhen, Qingdao and Chengdu.

New Zealand would seek new export opportunities in China in fields such as food, beverage, wood and agricultural technologies.

According to the data released by Statistics New Zealand (SNZ), China remains the forth largest trade partner of New Zealand, with a total trade volume of US$5.36 billion till June this year, up 15.7% year on year.

New Zealand's exports to China include dairy products, eggs, honey, wood, wood pulp, and seafood while imports from China are chiefly electronics, furniture, toys, steel products and textiles.