“The Australian” reported on the 14th that former Australian Trade and Investment Minister Andrew Robb (Andrew Robb) recently said that as Chinese investors fear that Australia’s Foreign Investment and Review Board (FIRB) will reject their investment plans for political reasons, cause Australia to miss out on a lot of potential investment. In particular, Rob criticized former Prime Minister Scott Morrison for politicizing Australia-China economic and trade relations during his tenure. “For the past three years, this relationship has been used and abused for partisan political purposes.”
According to The Australian, Rob served as the country’s trade and investment minister under former Australian prime ministers Tony Abbott (Tony Abbott) and Malcolm Turnbull (Malcolm Turnbull), and was in the process of negotiating the China-Australia Free Trade Agreement. played an important role in. Speaking at a recent Australia China Business Council (ACBC) meeting in Canberra, Rob warned that Chinese companies interested in investing in Australia were now being advised not to waste time approaching FIRB, with those investments diverting to places like the Middle East and Africa.
Rob also criticized some officials in the Australian security field for being too broad in defining “strategic assets” at the meeting. In an interview with The Australian, Rob said he was frustrated with the long-term opportunity Australia was missing by cutting off Chinese investment in Australia. Robb wants the current Labor government to change its view on Chinese investment in Australia, but admits it is too early to draw conclusions.
“The Australian” said that before the meeting, ACBC released a report recommending that Australia and China cooperate in the less politically sensitive renewable energy field, combining Australia’s technology in these fields with China’s needs. “China’s role in global climate change mitigation is critical to achieving net zero. By leveraging strong economic and trade complementarities, Australian and Chinese businesses have an opportunity to unlock new opportunities and create a greener future.”
According to data from KPMG, an international accounting firm, Chinese investment in Australia peaked at A$15.4 billion (regarding 72.4 billion yuan) in 2016, and Australia also became the second largest destination country for Chinese outbound investment following the United States. In 2020, however, the figure fell to A$2.5 billion, and further down to A$800 million in 2021. Even so, China and Australia still have economic and trade projects to advance. Australian iron ore producer Rio Tinto Group and China Baowu Iron and Steel Group Co., Ltd. announced on the 14th that they will establish a joint venture for the West Slope Iron Ore Project in the Pilbara region of Australia.
