Australian, Chinese business leaders gather in Sydney for agribusiness event

Senior business leaders and politicians from China and Australia gathered in Sydney on Monday for an event focussed on agribusiness.

More than 240 representatives from Australian and Chinese businesses attended the China-Australia Agribusiness Small and Medium Enterprises (SME) Trade and Investment Conference organised by the Bank of China.

Bank of China executive vice president Gao Yingxin said the China-Australia economic and trade relationship had reached the 'golden era'.

"Agriculture is a focal sector amongst Chinese-Australian cooperation initiatives; the reciprocal benefits and notable complimentary strength in cross-border cooperation are clearly evident," Gao said.

"Enormous and vibrant SMEs constitute as a major engine the Chinese and Australian economies rely on to thrive."

He noted that to lower the high threshold and the cost SMEs face in an effort to enter the international market, specialized matchmaking institutions are desperately needed to set up platforms that can facilitate their communications effectively.

"On this basis, under the encouragement and support of our various partners, we selected agribusiness as the central theme and putting SMEs in the central spotlight, for this trade and investment business conference."

Australian Chamber of Commerce and Industry chief executive James Pearson said the event was a practical embodiment of the statement of cooperation to establish and strengthen the growth of trade between Australia and China, laid out in the historic China-Australia Free Trade agreement.

"Geographically, Australia and China anchor one of the largest free trade regions in history," Pearson said.

"Massive urbanisation and growth in the middle class from China to Singapore, continuing through South East Asia, represents one of the greatest economic opportunities the world has seen."

China is Australia's largest two-way trading partner in terms of goods and services, valued at more than 160 billion Australian dollars (around 116 billion U.S. dollars) from 2013 to 2014. Australian government statistics reveal.

It is also Australia's largest goods export destination, valued at more than 100 billion Australian dollars (around 72 billion U.S. dollars) from 2013 to 2014.