Yantai signs major deal with Alberta
The city of Yantai in East China’s Shandong province has signed a series of agreements to expand economic ties with Canada’s Alberta province.
The signing took place on Nov 26 in Yantai at a two-day seminar on economic and trade cooperation sponsored by the commerce bureau of Yantai and Alberta’s ministry of economic development and trade. It was attended by some 320 government officials and business leaders from the two sides.
Eighteen protocols of intent were signed between Yantai and the wealthy Canadian province during the seminar, covering areas that included chemicals, pharmaceuticals, energy, environmental protection and food.
Deron Bilous, Alberta’s minister of economic development and trade, said his region considers Yantai to be an important market.
“Alberta and Shandong province have a good record of investment and trade, and Alberta is particularly expecting to expand cooperation with Yantai in the industries of oil, gas and the development of renewable energy resources,” Bilous said at the opening ceremony of the seminar on Nov 26.
According to an official from Yantai’s commerce bureau, the city already has established close economic relations with Canada, and Yantai is expecting to further advance its cooperation with Alberta in particular.
“The cooperation with Alberta is of mutual benefit,” the commerce official said.
Canada had invested in 289 projects in Yantai as of the end of October, with the combined value of the contracts worth 7.38 billion yuan ($1.08 billion), according to the Yantai commerce bureau.