Northeast China's Heilongjiang Province, which brought to Hong Kong a package of investment projects, has signed a serial of economic cooperation contracts with Hong Kong businessmen.

According to Heilongjiang officials Saturday, Daqing City, where China's top oilfield Daqing is located, has signed 20 cooperation contracts with Hong Kong companies, with 1.17 billion yuan (US$261 million) of contracted investment.

Heihe, a city which borders with Russia and has abundant power supply, has inked 13 contracts with Hong Kong businessmen, with US$410 million of contracted investment, while Yichun, an important lumber production base of China, has also signed 13 letters of intent, involving a contracted value of 323 million yuan (US$38.9 million) of investment.

Heilongjiang Governor Zhang Zuoji said apart from meeting with businessmen from big Hong Kong enterprises, Heilongjiang ventures also launched extensive cooperation with Hong Kong medium and small enterprises.

Heilongjiang Province expects to establish a platform from which Hong Kong ventures could promote their business in Russia, he said.

Zhang said, the rejuvenation of the old industrial bases in northeast China offers many opportunities for expanding the economic cooperation between the two places.

Heilongjiang Province has established in Hong Kong a "permanent business delegation" -- the Heilongjiang-Hong Kong economic cooperation promotion association earlier this week, he disclosed.

Heilongjiang Province Tuesday launched a week-long activities in Hong Kong to invite investment and jointly explore the Russian market.

The province has been implementing the nation's old industry bases rejuvenation strategy, with focus on construction of equipment, petro-chemical, energy, food, pharmaceutical and forestry industries.

(Xinhua News Agency November 14, 2004)