Beijing: A new agreement will promote greater cooperation between China and Queensland on resource development, and further opens the door for Chinese investment in Queensland’s infrastructure.

Premier of Queensland, Anna Bligh met with Mr Chen Yuan, Governor of the China Development Bank, and signed a Memorandum of Understanding (MOU) aimed at enhancing trade relations and development in Queensland and China.

Ms Bligh is on the first day of a twelve day trade mission to China, Japan and India.

“The aim of this agreement is to enhance cooperation with the China Development Bank to kick-start major development projects in the areas of infrastructure, energy and mineral industries,” Ms Bligh said.

“By facilitating greater Chinese investment in Queensland resource projects, this MOU will help to aid the Queensland Government’s delivery of major initiatives such as the Northern Economic Triangle.

“This blueprint aims to raise the regional and international profile and output of Queensland’s northern region between Mount Isa, Bowen and Townsville by providing better infrastructure and access to significant minerals resources and mineral processing operations.

“One of the China Development Bank’s key functions is financing investment projects deemed important for China’s continued development.

“As a potential financier for the Aurukun Bauxite Project, and other future developments by major Chinese companies in Queensland, the China Development Bank benefits through this collaborative relationship with the Queensland Government.”

The China Development Bank is an institutional shareholder of CHALCO (4.76%). CHALCO entered into a Development Agreement with the Queensland Government for the A$3 billion Aurukun Bauxite Project in March 2007, potentially the largest single investment ever made in Queensland.

As the Governor of the China Development Bank, Mr Chen is recognised as one of the most influential business leaders in Asia and has expressed a strong interest in working with the Queensland Government to encourage Chinese companies to participate in infrastructure and resource projects in Queensland.