South Australia is opening its doors to increased Chinese investment in its mining and resources sector, State Mineral Resources Development Minister Paul Holloway told a business seminar in Beijing.
Speaking yesterday during the opening address of the Australia-China Mining Investment Seminar, Holloway said that South Australia represents a safe and secure foreign investment destination.
“South Australia has emerged as a competitive and reliable supplier of a wide range of resources to China,” he said.
“SA actively encourages and welcomes foreign direct investment in the mineral resources sector.”
Holloway is in China as part of a delegation which includes representatives from Primary Industries and Resources South Australia, the Department of Trade and Economic Development and Austrade.
Chinese companies at the seminar include Sinosteel, CITIC Group, Wuhan Iron and Steel and Shandong Geo-mineral Resources Group, all of whom have already invested in South Australian mining interests.
Despite potential problems in an investment deal between Wuhan Iron and Steel and a Western Plains Resources project due to its location in the State’s prohibited defence area, Holloway believes Chinese investors can remain confident in any future deals in both South Australia and the country as a whole.
“Neither the Australian nor the South Australian Government have a blanket ban on investment from any country,” he said.
“All applications are reviewed on an individual basis.”