PEKING, Sept. 28, Reuter: China has made its first investment in Canada to secure supplies of badly needed paper and save precious foreign exchange, the New China News Agency said today.
It said state owned China International Trust and Investment Corporation (CITIC) bought a half share in a pulp mill in British Columbia that has an annual output of 180,000 tones.
Two Canadian companies bought the other 50 per cent of the mill from Westpar Timber Ltd. The total price was 90 million Canadian dollars (65 million US.).
Customs figures show China’ imported more than 900,000 tons of paper and paperboard last ‘year, up 50 per cent from 1984,
CITIC, set up in 1979 to encourage foreign investment in China and Chinese investment abroad, has bought forests in the United States and part of an aluminum smelter in Australia
It is considering investment in iron ore mines in Brazil and Mexico and copper mines in Peru and Chile.
Article extracted from this publication >> October 3, 1986
