ECOWAS - China Cooperation
Press Release—China and the ECOWAS Bank for Investment and Development (EBID) have signed a Memorandum of Understanding (MOU) to establish Markets in China and the ECOWAS Region that will enable their citizens to exploit trade and investment opportunities in their two areas.
The President of EBID, Mr. Christian Adovelande and the Deputy Vice President and Secretary General of the China Optimization Society of Capital Construction (COSOCC), Mr. Fu Wen Jun signed the MOU, which not only outlines the framework for cooperation, but shall also guide the parties in developing projects for their mutual benefits.
The markets would contribute to enhanced trade and investment activities between Chinese and ECOWAS business sectors, the first step towards promoting the ECOWAS-Chinese economic and trade cooperation envisioned under the proposed ECOWAS-China Economic and Trade Forum scheduled for September, 2008.
Principally, China and EBID will work together for the establishment of an ECOWAS Purchasing Centre in China as well as a Chinese Wholesale Market in the various countries of the ECOWAS region as well as put in place structures and such support facilities as hotels, exhibition and distribution centres, bonded warehouses, apartments, hospitals and schools.
The memorandum also defines the product scope envisaged under the arrangement to include commodities, stationeries, hardware products, home appliances and products which contain technical components such as high technology, information technology and biotechnology.
Consequently, COSOCC and its affiliate China Youhua Infrastructure Investment Ltd. is expected to prepare studies and project documents for submission to EBID by the end of May, 2008.
COSOCC was established in 1978 as a multi-disciplinary, multi-field, cross- region institution that provides strategic research for Chinese enterprises interested in venturing into overseas markets. It also offers advisory services to foreign companies desirous of investing in China.
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