New free trade zone being built (Xinhua) Updated: 2006-06-04 08:41 Construction began on
Saturday on the Chinese side of a cross-border trade zone between China and
Kazakhstan at Korgas in the Xinjiang Uygur Autonomous Region, Northwest China.
The China-Kazakhstan Korgas International Border Cooperation Center was the
next strategic cooperation project after the cross-border oil pipelines between
the two countries, according to Kazak Industry and Trade Minister Vladimir
Shkolnik.
The center would help promote economic and trade ties between the two
countries, he said during a trip to Xinjiang in April.
The center involves a total investment of 8 to 10 billion yuan (1 billion to
1.25 billion US dollars) and is expected to open in five to seven years, said
Liang Xinyuan, director of the center's administration.
The central area of the zone covers 1.2 square kilometers in Kazakhstan and
3.43 square kilometers in China, and an auxiliary area will cover another 9.73
square kilometers in China.
Kazakhstan started the construction on its side in March.
Liang said the center would showcase and sell products from the two
countries, and promote tourism and cultural exchanges.
Kazak President Nursultan Nazarbayev proposed the trade zone to Chinese
President Hu Jintao in June 2003.
Trade between China and Kazakhstan reached a record 6 billion US dollars in
2005. (For more biz stories, please visit Industry Updates)
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