Business Secretary Sajid Javid today (26 February 2016) will oversee the signing of commercial UK-China contracts in Birmingham with the Chinese Minister of Commerce Gao Hucheng.
This is part of the UK-China 12th Joint Economic and Trade Commission (JETC) to boost cooperation and understanding between the 2 countries.
The UK attracts up to a third of all Chinese investment into Europe over the past 2 years and the Business Secretary will use the visit to highlight the investment opportunity in the Midlands.
Business Secretary Sajid Javid said:
Today’s visit by Chinese Minister of Commerce Gao Hucheng to Birmingham was a great opportunity to showcase the Midlands as an engine for growth and investment. The UK is the leading destination for Chinese businesses bringing economic and jobs benefits not only to the Midlands but to the UK as a whole.
UK Trade and Investment Minister Lord Maude will also meet with the Chinese Minister and his delegation to show them the site of the HS2 development in Curzon Street.
Trade and Investment Minister Lord Maude said:
The Midlands is home to some of the most innovative and exciting companies and universities in the country, and we are keen to get more investment into the region to boost jobs and growth for the Midlands Engine.
The Midlands Engine is worth £222 billion each year to the UK economy and if the region matches the predicted growth rate for the UK over the next 15 years, it could create 300,000 jobs and boost the national economy by £34 billion.
Details of the Memorandums of Understanding and business contracts being signed today include:
introducing House of Fraser and Hamleys department stores into Xuzhou Sanpower Plaza Complex Project in China
developing the Sino-UK cultural and creative industrial park to enhance cooperation between China and the UK for creative projects
Nottingham and its sister city of Ningbo in China signing a 5 year deal to become the first UK and Chinese authorities to develop closer trade and civic ties. The deal will help Midlands firms to establish trade and export opportunities in China.
Notes to editors:
The Midlands Engine is a shared ambition between government, local business and civic leaders to boost the Midlands economy by delivering more jobs and growth.
Since 2010 the Midlands has been growing faster than the UK average and has created over 300,000 new jobs. By backing the core strengths of the Midlands economy and promoting the region’s assets in the UK and overseas, there are opportunities to make it an engine for growth.
Business Secretary Sajid Javid and Chinese Minister Gao will give closing remarks to UK-Chinese business delegates at the Birmingham ICC.
The signing of the commercial contracts will take place at Birmingham Council today (26 February 2016).