by Will Koulouris
SYDNEY, July 21 (Xinhua) -- The partnership between China and Australia is stronger than ever, according to an Australian federal minister, who said on Friday that there are plans in the pipeline to boost the relationship even further in the fields of innovation, industry, and science.
Arthur Sinodinos, the federal minister for industry, innovation, and science told Xinhua that his department is currently working with China to "identify the projects" that will facilitate an even greater level of cooperation between the two nations.
"We are very keen for global collaboration, and China is a very important part of that process for us going forward," Sinodinos said.
With the shift in China towards a consumption driven economy, and one of the current aims in the five-year plan to shift from heavy, to high-tech industry, Sinodinos said Australia has to adapt to take advantage of the new opportunities that are available with their largest trading partner.
"What we also need to do is adapt to the way China is changing, so as incomes go up there's more focus on higher level demand for businesses, in the food area for example, more processed foods, or more sophisticated business professional services and these are all areas where Australia can do more," Sinodinos said.
"We've got a very good food processing industry and that is really starting to spark off the demand in China, as well as elsewhere, so as China's economy evolves we have a capacity because of the diverse structure in our own economy to meet those needs."
To drive any adaptation in the Australian economy is dependent on having sufficient investment capital to do so, and with the benefits of this capital injection on full display in the country, Sinodinos said that a high level of outside investment should be seen in a positive light.
"From our point of view Chinese investment in Australia is very welcome, we try to make the areas where we have controls over it as clear as possible, so everybody knows the ground rules, we try to encourage investment in productive areas, in agriculture," Sinodinos said.
"Our point is we like the contribution of foreign direct investment which brings in that overseas knowhow and expertise, as well as the capital it brings."
But the traffic between Australia and China is not one way, with many Australian businesses now seeking to take advantage of the vast opportunities available within China, opportunities that Sinodinos said should be explored, and proffered advice for those seeking to capitalise on the strong bilateral ties, made even stronger by the 2015 enactment of the China Australia Free Trade Agreement.
"The best thing to do is to study the market, understand the market, it's also important to have local partners you can trust, that you can work with. I think that's important in order to help create a presence on the ground," Sinodinos said.
"The other thing is to be able to assure people in China when they are getting your service or goods that they are getting what you've sent them, rather than what's been substituted by someone else. So having that assurance across the supply chain is going to be important as well."
Asides from the well-deserved image of Australia being "clean and green", Sinodinos said that his government's - and his own ministry's push - to invest further in the science sector will draw even further opportunities for collaboration between the two nations.
"As a government is we have major science agencies like the CSIRO, Australian Nuclear Science Technology Organisation, Institute of Marine Science and major pieces of research infrastructure across the country," Sinodinos said.
"What I want to do as a government is make sure we have really good, globally recognised infrastructure around research and science - and that attracts people to do work with us, and we're seeing those go to people for collaboration - and that collaboration is what promotes ideas, networks, and connections which can lead to more commercial opportunities."
In terms of one of the biggest commercial opportunities not just in China, but the world - the Belt and Road Initiative - Sinodinos said that his government is "waiting to see how the initiative evolves," and is hoping that it creates market opportunities that can be accessed by all.
"We commend China for taking leadership on such an initiative, and we'll see how it fits into our own initiatives, like our development of Northern Australia, among other things," he said.
As to the future of the relationship between China and Australia, the minister was upbeat, and said that the partnership between the two countries can "be what we want it to be."
"I want to see a relationship of mutual respect and where we understand where the Chinese economy is developing, as how as it matures there are opportunities for us to be part of that, and how we can be partners in also maintaining a global rules based order," Sinodinos said.
