|Subject: China/East Timor trade rises
ten-fold in 2006
China/East Timor trade rises ten-fold in 2006 [ 2006-12-07 ]
Beijing, China, 07 Dec Bilateral trade between China and East Timor grew more than ten-fold between 2005 and the first seven months of 2006, according to figures from the Timorese embassy in Beijing.
Trade between China and East Timor jumped by US$1.27 million in 2005 to US$13.37 million in the first half of 2006, according to the embassy, cited by Portuguese news agency Lusa.
“There is a new dynamic in the trade relationship of the two countries, as until now the total value was represented by Chinese sales to East Timor, and now East Timor has started to sell goods to the Chinese market, namely coffee to the South of the country,” said Olimpio Miranda Branco, Timorese ambassador to China.
Economic relations between China and East Timor however, continue to be based on development aid, with China granting an average of US$5.349 million per year since the year 2000.
Chinese aid to East Timor has totaled US$32.094 million since the year 2000, according to Miranda Branco.
China financed in East Timor via Chinese companies high visibility projects such as the reconstruction of the presidential palace and the Foreign Ministry building and is also training staff.
China and East Timor also signed technical and economic cooperation agreements, namely in agriculture, whereby Beijing provides support for the introduction of hybrid rice, which allows Timorese farmers to have greater crop yields. (macauhub)