b’ville deal with china fruitful

http://www.bougainville-copper.eu/news-october-2011.html

BOUGAINVILLE’S China Cooperation Committee (BCCC) under the chairmanship of Autonomous Bougainville Government vice President Patrick Nisira has done so much since its approval in June this year.
Apart from facilitating multi-billion kina companies from China to visit to help Bougainville, the BCCC has also established entities which would also help boost the economy of Bougainville and specifically to secure Chinese government aid, promote commercial, technical and cultural exchange, develop Bougainville China cooperation strategy, develop Bougainville social and economic development strategy and policy and conduct awareness programs related to cooperation with China among others.
According to Bougainville China Economic Cooperation Strategy report obtained by the Post- Courier, companies from China who visited to help Bougainville in its economic prosperity, especifically to help build up strategic partnership with China to secure Chinese Government aid, attract Chinese investment and achieve direct trading access to China to cut off middlemen and achieve full autonomy by implementation of Bougainville Peace Agreement to allow the people to compare the autonomy and full independence before referendum and see Bougainville China Cooperation as a strategy to achieve the full autonomy. They include:
* Hosia Engineering Design Company and Ruike Construction Company;
* Honghua Group – the Global Second Largest Manufacturer of Oil Drilling Platforms (this company supplied drilling platforms to LNG Project) and Hengsen Chemical – a famous company in China;
* Tongling Nonferrous Group – the Second Largest Copper Mining Company in China;
* Hunan Hydro & Power Design Institute – the Second Largest Institute in China
* Sun Innovation Group Company – a famous multi-industrial company based in Hongkong (they came by the private jet)
The BCCC had developed and had BEC approved on mid July 2011 the package strategy for establishing comprehensive economic structure and system in Bougainville.
Because of Bougainville’s low revenue income, lack of capacity (government and economy), low employment rate (25% employed in formal sector) and big fiscal gap (K93,566,500 in 2010).
ABG’s legal arm approved BCCC on June 12, 2011.
This economic system will enable Bougainville to accelerate economic growth, achieve economic independence, and support Bougainville social welfare development.
The report also details that BCCC over the last five months has:
* Established Bougainville Public Investment Corporation Limited – 100% ABG owned company. (This business arm provides a legal position for ABG to go into any joint venture and creates the second source of revenue for the goal of ABG fiscal self-reliance).
* Established Bougainville General Development Corporation Limited – 52% ABG & 48% Chinese investors. (This company will serve as a headquarter company and play a leadership role in establishing every industrial development capacity company in JV with Chinese investors.
* Established Bougainville Import & Export General Corporation Limited – 60% Bougainvillean & 40% Chinese investors. (This company will build up direct access into Chinese manufacturers and market by cutting off all middlemen, so as to reduce selling price in Bougainville, and increase Bougainvillean products export volume to create direct and significant benefit for all Bougainvilleans).
* Established Bougainville Energy & Water Development General Corporation Limited – 15.6% ABG, 84.4% Chinese investors. ABG can buy back more shares for a maximum 52% share of this company in future. (This is a large capital and high expertise capacity company for developing the hydropower and water conservancy infrastructure projects, to build up Bougainville own power and water supply systems).
BCCC will also take a great effort to develop proper strategy and policy for development of the following industries/sectors, and identify credible Chinese investors to establish relevant joint venture capacity companies within 24 months in mining, construction, bank, shipping, airline, tourism, Special Economy Zone Development, agriculture, forestry, livestock, aquatic, legal service, security service, academy of social and economy strategy planning.