UK-China Bilateral Trade Strengthened at London Olympics
Launched by UK Trade & Investment (UKTI) to coincide with the London 2012 Olympics, the British Business Embassy is hosting up to 4,000 business leaders, investors and policy makers in Lancaster House in a concerted effort to attract investment into Britain. Representatives from China reportedly met with British representatives in the historic 19th century building, where several trade deals between China and Britain were finalized.
Prior to the meeting British Foreign Secretary William Hague commented that commercial diplomacy is a vital element for the economic recovery and future prosperity of the United Kingdom and is at the heart of the work carried out by the worldwide network of the British Foreign & Commonwealth (FCO). He went on to say that engaging with the world’s emerging economies, including the strengthening of already strong bilateral ties with China, was an integral part of this strategy.In 2010 China and the United had agreed to increase bilateral trade to $100 billion by the year 2015. With bilateral trade standing at over $70 million in 2011, both parties are well on the way to achieving this goal.
Representing businesses making up around 4% of China’s GDP, the China Entrepreneur Club is participating in the global business summits taking place during the London 2012 OIympics. Chinese industrialists invited to speak at the event by British Prime Minister David Cameron are the Chairman of the China Entrepreneur Club Mr Liu Chuanzhi, Chairwoman of Huawei Madam Sun Yafang and Co-founder of Fosun Group Mr Guo Guangchang.
Secretary of State for Energy and Climate Change Edward Davey noted in an interview that the Olympics provided the opportunity to invite guests to view the capital city London, the nation’s sporting heritage, and investigate investment opportunities. Noting that Chinese firms are leading the world in the development of clean energy technologies it was pointed out that investment opportunities are available in the energy sector.
Among items related to UK-China bilateral trade being discussed at the summits are the opening of a new China Southern Airlines office at Heathrow Airport; the opening of a flagship store on London’s Bond Street by Chinese retailer Bosideng; and Chinese manufacturer Tunbow Group’s launch of Aves Digital Ltd being its first subsidiary based in the UK. Earlier this week Cheung Kong Infrastructure Holdings acquired Wales and West Utilities, a UK gas company.