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October 12, 2018

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City to seal US$400m Norway ship deal

CHINA and Norway will sign a US$400 million shipbuilding contract in Shanghai next week — the largest trade deal so far between the two countries — when the Scandanavian country’s King Harald V and Queen Sonja arrive by bullet train as part of their official China visit.

Officials yesterday declined to give details of the deal ahead of the signing.

The couple arrived yesterday on their fourth visit to China and are expected to sign about 35 business agreements, including 10 in Shanghai.

Their visit began with a trip to Dunhuang in northwestern Gansu Province, site of the UNESCO-listed Dunhuang grottoes.

The accompanying delegation includes about 340 businesspeople from various sectors, the largest ever to visit China.

The royal couple arrive in Shanghai on Wednesday. In their two days here they will host and attend a series of business events focusing on marine technology and sustainability.

The king will also meet e-commerce giant Alibaba’s Jack Ma, China’s richest man, known for his support of charity initiatives involving the marine environment.

Other deals include sectors such as energy, the environment, creative industry, digitalization and financial services.

The two countries are expected to finalize a free trade agreement next year.


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