China, ASEAN willing to cooperate more on hydropower

BEIJING -- The China International Water & Electric Corp will invest more in hydropower projects in Assocation of Southeast Asian Nations member countries, the head of the company said Friday.

Wang Yu, president of CWE, said at a meeting with commercial counselors from ASEAN countries that the company is eager to engage in more hydropower projects and contribute to hydropower development in ASEAN countries.

CWE was working on more than 30 contracting projects in ASEAN countries by the end of 2012, according to Wang.

The counselors also welcomed CWE to invest more in their countries.

Ong Chong Yi, a counselor from the Malaysian Embassy to China, said that compared with Malaysian investment in China, the latter's investment in his country is quite small.

Bui Huy Hoang, a counsellor from the Embassy of Vietnam to China, said he hopes more Chinese companies will invest in Vietnam.

Xu Ningning, executive secretary-general of the China-ASEAN Business Council, said ASEAN countries have a similar cultural background to China and it is easier for Chinese companies to do business there.

CWE is a state-owned company that specializes in international hydropower construction and investment. The company is now operating in about 30 countries and regions with total assets exceeding 10 billion yuan ($1.6 billion).

Diplomatic officials in charge of commercial affairs from Laos, Thailand, Malaysia, Cambodia, the Philippines, Vietnam and Indonesia visited CWE on Friday to discuss further hydropower cooperation with China.