China is the world's largest importer of iron ore, with imports exceeding 917 million tons in the first 10 months of 2022.

The province saw a decrease in imports of iron ore and natural gas.

The MOU is to study the development of a high-quality iron ore logistics and processing facility, according to an NIDC statement circulated on Oct. 30.

“As a nation are very clear and very respectful of our treaties and our agreements,” Hernando said.

The company signed a cooperation agreement with Xinjiang Bayi Iron and Steel at the fourth CIIE in 2021 to provide the latter with approximately 4 million metric tons of iron ore worth $460 million this year.

Since its first iron ore shipment to China in 1973, Rio Tinto has supplied China with more than 3.5 billion tons of high-quality iron ore.

The province also saw a growth in the import of agricultural products, iron ore, mechanical and electronic products, and sawn timber.

Overseas players grasp opportunities from dual goals, enhance local ties, R&D.