Thu, Apr 26, 2012 - Page 10 News List

China, Sweden ink trade deals, company accords

AFP, STOCKHOLM

China and Sweden signed a slew of trade deals on Tuesday during Chinese Premier Wen Jiabao’s (溫家寶) visit to Stockholm, including agreements with China-owned Swedish brand Volvo and telecom giant Ericsson.

Five bilateral trade deals were signed between the two countries, and six agreements with companies.

“We have signed agreements in the environmental technology, railway and road safety sectors,” Swedish Prime Minister Fredrik Reinfeldt told reporters.

Among the Swedish companies that clinched business deals were leading telecom equipment maker Ericsson, ballbearing manufacturer SKF and engineering, mining equipment and tools company Sandvik, Swedish media reported.

Volvo announced a memorandum of understanding with China Development Bank (國家開發銀行), but did not disclose a sum.

That agreement concerns China Development Bank’s possible financing of Volvo’s research and development programs in the area of energy-efficiency technology, as well as production facilities in China.

“I am very happy to announce the partnership with China Development Bank Corporation, as it will assist us in realizing our ambitious growth plans for the Chinese market and enhance our ability to develop clean, efficient driveline technologies,” Volvo CEO Stefan Jacoby said in a statement.

According to financial daily DI, the agreement will enable Volvo to pursue its ambitious 75 billion kronor (US$11 billion) investment program until 2015.

Chinese automaker Geely (吉利) bought Volvo from US carmaker Ford in 2010.

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