Strategic alliances between Victoria and China flagged
Thursday, 20 November, 2003
Victoria has signed a Memorandum of Understanding with Chinese sister state Jiangsu Province calling for strategic biotechnology alliances and joint ventures.
According to Innovation Minister John Brumby, two-way trade between Victoria, China and Hong Kong was worth more than AUD$7.6 billion in 2002-2003.
A delegation of Jiangsu pharmaceutical companies visiting the state as part of the Victoria-Jiangsu Joint Economics Committee (VJJEC) meeting will explore joint venture opportunities with Victorian biotechnology companies.
"Potential areas for biotech cooperation include the global Chinese medicine industry which was worth US$671 million in exports for China in 2002," Brumby said.
The MOU was signed at the VJJEC meeting by Brumby and Jiangsu Province's Vice Governor Jiang Dingzhi.
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