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China signs giant contracts with Turkey

By Wang Fangqing     Jan 9, 2010 in Business
China signed a series of deals worth $1.05 billion USD with Turkey on Friday to boost trade and increase mutual investment.
The 38 contracts were signed at a forum held in Istanbul, which attracted more than 400 people from the two countries. Chinese commerce minister Chen Deming and Turkish State Minster for foreign trade Zafer Cagiayan also attended the event, reports Xinhua.
Under the contracts, China will import a load of products, such as minerals and marble, from Turkey; in return, it will help Turkey build power plants.
Beijing has long been annoyed by the Turkish government's stance towards Xinjiang. Turkey's prime minister Recep Tayyip Erdogan even described the way Beijing handled the violent riots broke out between Han Chinese and the minority Uyghurs in July 2009 in Xinjiang's capital Urumuqi as "a kind of genocide".
However, the political disagreement didn't cast any shadow over the business partnership. Trade between the two countries surged to $12.6 billion USD in 2008 from only $1 billion USD in 2000. By the end of September 2009, China had invested $313 million USD in Turkey, while Turkish companies had poured $100 million USD in China.
More about China, Turkey, Trading, Istanbul, Xinjiang
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