re: today's the day :-) Sir Michael, Jiabao sign Ramu nickel...

re: today's the day :-) Sir Michael, Jiabao sign Ramu nickel deal

By BRIAN GOMEZ in Beijing

PRIME Minister Sir Michael Somare arrived in Beijing yesterday to herald a new chapter in bilateral relations that could see China lead an Asian challenge to Australia's dominant economic role in PNG.
"This is a significant day for Papua New Guinea," commented Petroleum and Energy Minister Sir Moi Avei.
Following an hour-long discussion between Sir Michael and Chinese Premier Wen Jiabao, the two countries signed five bilateral agreements, including a Memorandum of Understanding on China's plan to fund the development of the US$625 million Ramu nickel project.
Other agreements covered economic and technical cooperation, investigation of PNG's potential to develop fishponds and build cold storage facilities, cooperation in education and further assistance for agricultural development.
It is understood China has also agreed to provide grant aid totalling RMB 30 million (about K12million).
The visit by an 80-strong PNG government and business delegation to China followed a personal approach by Sir Michael to China's President Hu Jintao for increased Chinese participation in the PNG economy at last year's APEC Summit in Bangkok.
Sir Michael, who arrived yesterday via Tokyo, will meet President Hu tomorrow.
Only 40 of the PNG visitors attended the State Banquet but a parallel function was held mainly for business delegates at a residential complex in Beijing known as Star City. There are plans for Sir Michael to drop by after the state banquet.
Sir Michael will attend a range of official functions tomorrow and give a keynote luncheon address at a day-long PNG Business Seminar, where major Chinese corporations will be briefed on business opportunities on mining, petroleum, forestry and fisheries.
Sir Michael's business delegation is understood to be the biggest ever to visit any foreign nation and included six PNG Cabinet Ministers, including Petroleum and Energy Minister Sir Moi Avei, National Planning Minister Sinai Brown, Health Minister Melchior Pep, Trade and Industry Minister Paul Teinsten and Forestry Minister Patrick Pruaitch.
A Chinese official said the PNG delegation was an auspicious occasion because it was the first big overseas delegation to arrival since the start of the Spring Festival.
Industry observers said the speed and decisiveness in the China Metallurgical and Construction Company's decision to participate in the long-delayed Ramu project had been made possible by the enhanced bilateral ties forged by Sir Michael after he took office in August 2002.
"As the world's most dynamic economy, China is hungry for many raw materials that are available from PNG," one official said.
Officials said they would like to see China participate in downstream aspects of oil and gas development as well as in processing of forest products and fisheries.
Sir Michael told The National recently his government wants to attract major investments in support of his policy to promote an export-led economic recovery that will provide jobs for the people and build a stronger economy, eventually creating a much bigger tax base.