Dong Yuming (L), CEO of Galaxy Trade and Technology Company, and Michael North, Chairman of Galaxy Trade and Technology Company, sign a joint venture agreement during the fifth China-U.S. Governors Forum in Lexington, Kentucky, the United States, on May 23, 2019. A China-U.S. joint venture engaging in international magnesium trade was officially launched at the on-going U.S.-China Governors Collaboration Summit in Lexington, Kentucky, along with a number of MOUs and agreements signed between provincial and state governments, businesses and universities of the two countries. (Xinhua/Li Rui)
LEXINGTON, the United States, May 24 (Xinhua) -- A China-U.S. joint venture engaging in international magnesium trade was officially launched at the on-going U.S.-China Governors Collaboration Summit in Lexington, Kentucky, along with a number of MOUs and agreements signed between provincial and state governments, businesses and universities of the two countries.
Galaxy Trade and Technology (Galaxy), with a registered capital of 9 million U.S. dollars, plans to sell 20,000 tons of magnesium and related products in the international market per month, said Dong Yuming, CEO of the joint venture, in an exclusive interview with Xinhua on Friday.
According to Dong, Galaxy is an equal joint venture between Puhuida Ecological Industry Development of Yulin, Shaanxi Province in northwest China, and Asia-Pacific Group, a U.S.-owned and managed business development group from Honolulu.
"Our company is committed to partnership based on equality and friendship with American business," Dong said, "Our American partners contribute great initiative to China, and we contribute our best spirit and energy to America."
Michael North, chairman of Galaxy, said in the same interview that the joint venture combines the advantages of both sides, with magnesium mines and products in Shaanxi and global marketing, logistics and financing expertise in the United States.
"Shaanxi produces pure magnesium on a scale and at a quality that is world class. Where the challenge comes is how do we bring that magnesium and products efficiently to global markets," he said. "How do we globalize that supply chain? How do we produce the financial vehicles that allow for smooth financing of large quantities of magnesium to big customers in Europe and America? That's why we come in."
Both Dong and North expressed the hope that trade frictions between the two countries come to an end as soon as possible, so that there'd be no disruption in mutual business and trade relations.
"We sincerely hope there is no trade war, no hikes of tariffs, we need the trade to go smoothly, which is beneficial for both sides," said Dong.
North knows China quite well and recalled the U.S.-China friendship history all the way back to the ping-pong diplomacy in 1971. "The legacy of all of that work over nearly the past 50 years is so deep and so strong that nothing in terms of what's happening on the waves on the surface can disrupt the direction," he said.
"We are businesspeople ... we will continue with the business, will prosper, and when the situation between America and China is ready, then we'll be ready. So there's no way we stop the cooperation between America and China, it won't even slow down," he added.