Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Australia's largest private trade delegation to visit China

Published 10/23/2016, 04:21 AM
Updated 10/23/2016, 04:30 AM
© Reuters.  Australia's largest private trade delegation to visit China

By Harry Pearl

SYDNEY (Reuters) - Australia's largest ever private trade delegation is due to arrive in China on Sunday, just over a week after 18 employees from Australian gaming giant Crown Resorts Ltd (AX:CWN) were detained there for alleged gambling crimes.

More than 200 delegates, including Queensland state ministers, agricultural producers and exporters will be on the visit to Shanghai aimed at building on the A$160 billion ($120 billion) trade relationship between Australia and China.

"We have brought together businesses from banks to exporters and freight companies,” Ben Lyons, the group's leader, said in a statement.

The 18 employees of Crown Resorts, Australia's top casino operator, including three Australians, have been held by Chinese authorities since last weekend.

As of Sunday, no charges had been laid, but the arrests have raised fears of a wider crackdown.

Among the high profile members of the "AccessChina" delegation are Qantas Airways Ltd (AX:QAN) and both National Australia Bank (AX:NAB) and Australia and New Zealand Bank's (AX:ANZ) agribusiness units.

Qantas Freight, which is looking to expand capacity in Asia, is hosting a networking dinner that Lyons said would help "educate the Shanghai business community on our regional capability when combined with an international freight provider".

The group left from Wellcamp Airport, a new A$200 million privately built air freight facility in Queensland, which will begin weekly freight-only flights next month. Cathay Pacific (HK:0293) will operate the service from Wellcamp and Hong Kong.

Australia has been pushing to become the "delicatessen of Asia", tapping its favorable climate to send crates of produce such as figs and edible flowers to store shelves across the increasingly affluent region.

But finding space on flights has proven a headache for some Australian producers, who say freight export capabilities are not keeping up with growing demand for products from Asia’s middle class.

Industries represented on the AccessChina trip include health, aged care, agriculture, education, manufacturing and tourism. Delegates will tour sites including Alibaba Group Holding's (N:BABA) Hangzhou Campus, Yangshan Deepwater Port, Baosteel and Shanghai Electric [SHEPG.UL].

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.