Northeast Heilongjiang province encourages investment in natural resources

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 ◆ Northeast Heilongjiang province encourages investment in natural resources

The governor of Northeast China's Heilongjiang Province said recently the area will further open its natural resources to outside investors.

Song Fatang told a seminar on investment and co-operation between the province and multinationals that the province wants to tap its rich natural resources and cash in on its strong industrial base and scientific development.

"Compared with the coastal cities in the country, Heilongjiang opened up to the outside later but this in turn means the province has greater potential and more business opportunities," Song said.

At a time when China is equalizing its treatment of foreign and domestic investors, Song said the province will implement favourable policies toward investors from both home and abroad that do not contravene World Trade Organization rules.

The governor also said the province will continue to work to smooth out problems caused by lay-offs from State-owned enterprises.

He said it would try to create more jobs and provide preferential treatment in Heilongjiang's new development.

During the seminar, the province pitched 146 projects in 10 fields to potential investors, including such spheres as organic farming, the equipment industry, the petrochemical industry, scientific and technological projects and the tourism industry.

Wang Taozhi, director of the Heilongjiang Provincial Development Planning Commission, said all the projects presented at the seminar had been carefully selected because they provided a relatively secure investment with a high potential for high returns.

Heilongjiang has the edge over other Chinese provinces in sectors such as organic food, dairy products, ice and snow travel, minibus production and trade with Russia, Wang said.