3 billion into Greenland to secure 15 million tons of iron ore per year. Shipping via the Arctic, meanwhile, would cut about 6, 400 kilometres (4, 000 miles) and two weeks off the journey between northern Europe and Shanghai. Seeking to prove the route's viability, Chinese researchers last August completed their first 30, 000-kilometre (19, 000-mile) journey between Iceland and Shanghai. China sees a range of opportunities in the Arctic and will continue to expand its research in the area and conduct further expeditions, said Leiv Lunde, director of the Oslo-based Fridtjof Nansen Institute. "It's attractive also for all the resources but China is already a major shipping nation... and Chinese companies are now very eagerly awaiting policy signals from the Chinese government on what kind of priorities they will give to the Arctic, " said Lunde, who was attending a conference Monday on Arctic issues in Shanghai.
Chinese Premier Li Keqiang told Sigurdardottir the agreement was "a major event in China-Iceland relations. " "It also signals the deepening of our relationship, especially our economic relationship which has been lifted to a new height, " Li said during talks following a formal welcoming ceremony at the Great Hall of the People in the centre of Beijing. Trade between China and the England-sized country of just over 315, 000 people rose 21. 1 per cent last year to $180 million, according to the Chinese Ministry of Foreign Trade. Iceland exports mostly fish to China and imports Chinese products from ships to shoes. Sigurdardottir has been keen to push Icelandic services and the island's geothermal energy potential.
Iceland has unique importance to China as it attempts to gain a foothold in the Arctic, where melting ice is opening passages for shipping and could create a boom in extraction of resources such as gas, oil, diamonds, gold and iron. China is seeking permanent observer status in the Arctic Council, an eight-nation body that includes Iceland and decides on policy in the region. China is expected to be accepted when a final decision is announced next month, drawing support from the prospect of heavy Chinese investment in the region's mining industries as advertised by its proposal to sink $2.
China's desire for a presence in the Arctic has prompted an unusual degree of interest in Iceland. China recently completed what is far-and-away the largest embassy complex in the Icelandic capital Reykjavik, reportedly capable of accommodating a staff of 500. Wen Jiabao, China's premier until a leadership transition was completed in March, included a rare stop in Iceland on a visit to Europe last year.
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China and Iceland seal free trade agreement - Mint Apr 15, 2013 — “This is a major event in China-Iceland relations," Chinese Premier Li Keqiang said. “It also signals the deepening of our relationship, ...
