(MENAFN- Gulf Times) German Chancellor Angela Merkel on Sunday urged China to implement reforms to level the playing field for foreign companies and investors and broaden business opportunities.
"There are virtually many opportunities for cooperation," Merkel said at the opening of the world's largest technology trade fair in Hanover, Germany. "Companies and investors naturally need to know in which business environment they are working: predictability, reliability, equal treatment of companies in our countries."
China has been criticised for its unequal treatment of foreign companies. The European Chamber of Commerce in China said last year that the difficult business conditions in the world's second-largest economy were causing European firms to rethink their role.
China is this year's partner country of Germany's Federal Association for Information Technology, Telecommunications and New Media (CeBIT). Merkel opened the fair with Chinese Deputy Prime Minister Ma Kai.
China has already announced reforms including plans to remove bureaucratic barriers, promote market liberalisation and improve the rule of law to give better protection for businesses. China and the European Union launched negotiations in 2013 on a comprehensive investment agreement to eliminate restrictions for investors and provide them and their investments with strong protection.
Merkel said that sealing the investment agreement would be a key step in boosting business. "Germany is campaigning for a conclusion (of an agreement) as soon as possible," she said.
China is the EU's biggest source of imports, and so is the bloc for China. Trade between them amounts to more than $1.05bn a day, according to the European Commission. Jack Ma, founder of China's Alibaba, which undertook the world's largest IPO last year, was present at the fair. CeBit President Dieter Kempf said earlier that "digitalisation ... is driving the market," noting that media companies and retailers have already experienced the trend and it will be the same for carmakers, machinery makers and taxi drivers.
Organisers said they expect 200,000 visitors and 3,300 exhibitors from 70 countries at the fair, which runs through Friday. Kempf's association advised businesses seeking to thrive in the digital age to avoid dependence on one business strategy and master important key technologies, saying "more digital sovereignty" is needed.
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