In the center of the BHP Group booth at the 7th China International Import Expo, a sand table presents its world's largest copper mine in production, the Escondida copper mine, located in Chile. The booth introduced the important role of copper in the development of renewable energy and electric vehicle industries, conveying the company's vision of achieving green decarbonization and emission reduction. BHP Group's Chief Commercial Officer, Ruige Wu, stated that the CIIE not only provides a high-quality platform for companies to expand their markets, but also promotes industrial development through win-win cooperation, injecting momentum into achieving green, low-carbon, and innovative development.
This year marks BHP Billiton's 7th year participating in the CIIE. China has become BHP's largest market and an important supplier of goods and services. More than half of our products are sold to China, and the annual CIIE is a good opportunity for us to communicate and negotiate with customers and partners. Wu Ruige said that both the exhibition scale and the number of exhibitors at this year's CIIE have reached a historic high, and China is demonstrating its determination to promote global industrial development and cultivate open markets through practical actions.
In recent years, China has continuously improved its high-level opening-up system and mechanism, and introduced a series of measures to facilitate foreign investment. Since my first visit to China more than 20 years ago, I have witnessed the inclusiveness of China's development. China maintains an open attitude towards various foreign-funded enterprises and business models. At the same time, high-quality products produced in China have been widely recognized in the global market, "said Wu Ruige.
At this year's CIIE, new quality productivity has attracted much attention. Wu Ruige stated that the development of new quality productivity will continue to drive demand for mineral resources. BHP supplies millions of tons of copper concentrate to China every year, which represents a huge opportunity for BHP. Copper is an essential mineral raw material for the electrification of global energy and transportation systems. We expect that global copper demand will increase by about 70% by 2050, exceeding 50 million tons per year. In recent years, China's renewable energy, electric vehicle, and lithium battery industries have developed rapidly, which are new driving forces for China's future development and areas that BHP hopes to expand into, "said Wu Ruige.
At this year's CIIE, BHP shared its latest 2024 Climate Transition Action Plan. In Wu Ruige's view, the development of the world in the coming decades cannot be separated from mineral resources. BHP Billiton has been exploring sustainable new production methods and trade models with Chinese partners to meet the new global demand for important mineral resources in the coming decades. At the same time, the transformation of the world economy towards green and low-carbon also relies on energy conservation and emission reduction in the development and production process of resource products, which helps the upstream and downstream of related industrial chains achieve emission reduction goals. This is also a key focus of cooperation between BHP Billiton and Chinese enterprises.
If we use one word to describe the gains at the CIIE, I think it's partnership, "said Wu Ruige. The CIIE has made the relationship between BHP Billiton and its partners even closer. BHP plans to increase investment in renewable energy, green technology, and sustainable industrial development. In the future, it will work with Chinese partners to leverage advanced AI technology innovation to enhance the green efficiency of the supply chain and contribute to promoting sustainable development and addressing climate change.