by Morinville News Staff

Chinese companies could invest heavier in Alberta’s petrochemical sector with the recent signing of a new Memorandum of Understanding (MOU) in Hong Kong between Alberta’s Industrial Heartland Association (AIHA) and the Can-China Global Resource Fund (CCGRF).

Alberta’s Industrial Heartland Association is a municipal partnership that includes Lamont County, Strathcona County, Sturgeon County, and the Cities of Edmonton and Fort Saskatchewan.

AIHA say the more formalized relationship with CCGRF, one of the world’s top investment funds assisting Chinese firms in making investment abroad, is the result of the association’s continued efforts and growing reputation in China.

“China is currently Alberta’s second largest trading partner. It makes sense to build upon this already thriving trade relationship,” said Ed Gibbons, Chair of Alberta’s Industrial Heartland Association in a lease Thursday. “Chinese petrochemical companies are actively seeking investment opportunities abroad, and we want to be their number one choice. Signing this MOU will help steer them towards Alberta.”

The association believes it is the right time to build on relationships with Asian markets, given the province’s current economic and market access challenges, and sees new investment in the province’s petrochemical sector was an opportunity to provide a much-needed boost to Alberta’s economy and employment.

AIHA says the new MOU aligns with the Government of Alberta’s recent commitment to access new markets, increase diversification, and create jobs within the province.

Jack Yang, CEO of CCGRF said he was delighted to sign an MOU with AIHA to be able to share information and facilitate discussions with potential partners both in China and Canada.

“In addition to our existing investments in Canada, we are committed to building a bridge between the two nations through collaborative energy and industrial projects,” he said.

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