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April 3, 2019, 4:21 p.m. EDT

Australia : Multifaceted relationships with China crucial to future opportunities

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Apr 03, 2019 (Euclid Infotech Ltd via COMTEX) -- Fortescue Metals Group is proud to attend the prestigious Boao Forum for Asia (Boao) as a Diamond partner for the eleventh consecutive year. The 2019 theme for the Forum of Shared Future, Concerted Action, Common Development, provides a unique opportunity to discuss issues relevant to the region and the world.

In addition to an informal gathering of the Australia-China Senior Business Leaders Forum (SBLF), Fortescue Founder and Chairman Andrew Forrest, AO, Chief Executive Officer Elizabeth Gaines and Chief Operating Officer Greg Lilleyman were joined at Boao by Hon. Alannah MacTiernan, WA Minister for Regional Development, Agriculture and Food; Ports; Minister Assisting the Minister for State Development, Jobs and Trade. Mr Forrest said Since Boao was established, the Forum has sought to bring together leaders from our region and around the world to discuss the complex trends and opportunities we all face.

From artificial intelligence to the blue economy, and the transitioning energy sector to what cars will look like by 2050, Boao fosters a rich dialogue and an opportunity for us to share ideas, perspectives and knowledge. Importantly, the relationship is symbiotic; Chinese leaders expect our contribution in expert panels and at high profile events, while we discover invaluable insights that help shape our strategy and our company. I believe the world is going to change more in the next thirty years than it has in the last 150 years, and forums like Boao will be integral in ensuring we successfully manage the challenges and embrace the opportunities, Mr Forrest said.

Ms Gaines said As a leading Australian business, we are proud of our longstanding relationships with China and the strength of Fortescues multifaceted engagement with China is demonstrated at the Boao Forum for Asia. Our relationship with China is built on four key pillars: the supply of iron ore, procurement, financing and investment and social engagement. This fosters a depth and breadth of understanding that is crucial to our business and our success.

We remain confident in the long term fundamentals of the Chinese economy, and note that China recorded record high crude steel production in 2018, reaching 928 million tonnes, with continued strength evident in 2019. The Belt and Road Initiative (BRI) represents an unprecedented investment in infrastructure, led by China and extended to include many emerging economies. The emphasis on infrastructure development is a critical part of BRI and presents long term opportunities for Australias resources industry, Ms Gaines said.

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