LINE

Text:AAAPrint
Economy

CRRC pursues technical cooperation with Australian research agency

1
2016-04-14 09:04Global Times Editor: Li Yan

High-speed locomotive maker CRRC Corp said on Wednesday it is in talks with Australia's national research agency about cooperation opportunities involving technology and innovation.

Some details are still being negotiated with the Commonwealth Scientific and Industrial Research Organisation (CSIRO), according to a press release the Chinese company sent to the Global Times Wednesday.

The discussion involves the establishment of an R&D center that will jointly develop rail transport in the two countries, said the release.

Australian Prime Minister Malcolm Turnbull proposed to build a high-speed rail link from Melbourne to Sydney within a decade, The Australian news-paper reported on Tuesday.

CRRC said that it would like to introduce advanced technologies relating to high-speed rail service to Australia.

The CSIRO, which is equivalent to the Chinese Academy of Sciences, is part of the Australian delegation led by Minister for Trade and Investment Steven Ciobo as part of the ongoing Australia Week in China 2016 (AWIC), which runs from Monday to Friday this week.

A delegate with CRRC, who preferred to keep his name undisclosed, told the Global Times on Wednesday on the sidelines of the AWIC that CRRC also has interests in semiconductors and wastewater treatment, areas where it is looking for cooperation with Australian companies.

Wastewater treatment has become an emerging sector for CRRC, which is diversifying from its core business of locomotive production.

CRRC's net profit rose 122.36 percent year-on-year to 11.8 billion yuan ($1.8 billion) in 2015.

In August 2015, CRRC signed a deal with the government of Changshu, a city of East China's Jiangsu Province, to work together on wastewater treatment.

Wastewater in China's rural areas is seen as a promising sector, which media reports have said will be worth 200 billion yuan by 2035.

China, with its large population, is very attractive among Australia's investors and start-ups, Yan Zhenjun, executive president of the International Universities Innovation Alliance, told the Global Times Wednesday.

"Chinese people, on the contrary, usually think projects in the U.S. and EU more worthy of investment," said Yan.

But the plenary session of the AWIC on Wednesday, under the theme "Innovation," is perceived as a good chance by Chinese companies to get a peek at Australia's innovation ability and advanced technology in fields such as manufacturing materials, according to Yan.

Chinese foreign direct investment in Australia was worth A$30 billion ($23 billion) in 2014-15, official data showed.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.