At a luncheon held noon Tuesday for the seminar, visiting PNG Prime Minister Mekere Morauta delivered a speech, saying that bilateral relations have never been stronger and it is time to raise such relations to a new level.

He noted that his country is rich in resources and needs capital and technology, pointing out that PNG business people are willing to explore joint ventures with their Chinese counterparts.

Yu Xiaosong, president of the China Council for the Promotion of International Trade which is the sponsor of the seminar, said at the luncheon that business people from the two sides carried out fruitful discussions on furthering bilateral cooperation, which will strongly promote the development of bilateral economic and trade cooperation.

Voicing that there is vast potential for bilateral economic and trade cooperation, Yu said he hoped that business people from both sides can conduct more cooperation so as to participate in and push forward the historical progress of bilateral economic and trade cooperation.

It is learned that PNG is one of China's most important trade partners in the South Pacific region, and bilateral economic and trade relations have developed smoothly since the two countries set up diplomatic ties in 1976.

The bilateral trade volume between the two countries reached 225 million U.S. dollars last year with China mainly importing crude oil and timber, and exporting textiles, clothing, shoes, light industrial products and electromechanical products.

(People's Daily 05/29/2001)