Australia's Leading M&A Specialists Host Seminar on Chinese Investment
BEIJING, May 26 /Xinhua-PRNewswire/ -- Leading regional law firm Allens Arthur Robinson (Allens) hosted a seminar in Beijing on Friday 23 May for Chinese companies looking to invest in Australia. The seminar was attended by special guests, including the New South Wales Premier, Morris Iemma.
(Photo: http://xprnnews.xfn.info/Allens_Arthur_Robinson/080526/HK088141.htm ) Mr Iemma recently said that China is now New South Wales' largest trading partner with bilateral trade worth in excess of A$15 billion. The strong trading relationship with China has been built largely on resources but there is a recognised need to expand now to capitalise on China's growth as a service-based economy.
At the seminar two of Allens' mergers & acquisitions partners, Alex Ding and Jeremy Low, addressed the current issues for investment in Australia, including the implications under recent Australian Government guidelines for state-owned corporations. Mr Ding said it was important for Chinese businesses to understand recent developments in foreign investment policy announced by the Australian Federal Government. In March 2008, Australian Treasurer Wayne Swan sought to clarify the position on foreign investment into Australia by announcing a set of six principles that are to be applied by the Federal Government when considering applications by foreign governments and their agencies. "Essentially, foreign State-owned or State-controlled enterprises and sovereign wealth funds seeking to invest in Australia will need to satisfy Australia's Foreign Investment Review Board that their investment is not contrary to Australia's national interest," he said. "It will be a balancing exercise for the Treasurer between the benefits that foreign investment brings to Australia and the concerns raised as a result of foreign government involvement as moves are made by foreign State- owned or State-controlled enterprises and sovereign wealth funds into the Australian natural resources sector. From the perspective of foreign State- controlled enterprises, the balancing exercise is made more transparent by the release of the principles." The seminar is timely, with trade between the two countries reaching a record high of US$50 billion last year. Chinese companies are increasingly looking at Australia as a favoured investment destination, particularly in the resources sector. According to the Economist Intelligence Unit's May 2008 forecast, Australia's private investment growth will remain at high levels in 2008-09 as China's (and India's) demand for raw materials continues to drive interest in Australia's mining sector. China Industrial Overseas Development and Planning Association (CIODPA) and local PRC firm Concord & Partners also supported and participated in the seminar. CIODPA actively promotes China's strategy to invest overseas and operates as a bridge between the Chinese Government and overseas industries. The Secretary General of the CIODPA said, "I believe this seminar provided a great opportunity to facilitate the communications and information exchange between PRC domestic enterprises and Australian government officials and legal experts. This which will enhance the mutual understanding and close cooperation between the parties in the future". Notes for Editors: Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific. The firm has been advising clients in China for 20 years: the Hong Kong office was established in 1988, the Shanghai office became officially licensed by the Ministry of Justice in 1996 and the Beijing office opened in 2005. The Greater China team comprises eight partners and 40 lawyers, including both Chinese and international lawyers who are experts in PRC, Hong Kong, UK and Australian law. For more information, please contact: Marlo Osborne-Smith Frank Fan
CONTACT: Marlo Osborne-Smith, Senior Business Development Manager, Asia,
2008-05-26 23:55:01 0370130 PRNEWSWIRE
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