I am delighted to be part of this week’s trade delegation to China, the largest ever business mission organised by UK Trade and Investment (UKTI). This will, of course, be my first trip as Minister Designate for Trade and Investment. It will be an opportunity to reinforce the message that we are ‘partners for growth’, to showcase where UK strengths align with China’s evolving needs, and welcome investment to the UK.
With China’s transformation comes unprecedented opportunity. I would encourage British companies to tap into the huge commercial potential from China’s growth. Just take a look at the figures. China’s middle class is expected to reach 600 million by 2020 and it is expected to become the world’s largest goods importer by 2014.
I am pleased that UK companies are already playing their part. Exports to China have doubled since 2009, growing faster than any other major EU country, as British businesses take advantage of improvements in free trade. Trade relations between our two nations is a two-way road. Chinese investment into the UK is at a record high, securing the UK’s lead as the preferred European investment destination for China’s investors.
This is something both sides should celebrate, but there is still much more that we can achieve. That’s why we want to use this mission to focus on areas where the strengths of our businesses most complement the next steps in China’s economic development.
There is no doubt that the UK’s skill in high-value, high-growth sectors puts it in a strong position to compete in China. We will take this opportunity to showcase the UK’s offer in areas where Chinese firms are increasingly looking for expertise, including law, design, research and development and financial services.
So if your company is looking to take that first step into China, contact UKTI. Our staff in offices around the UK and in the British Embassy in Beijing and the Consulate-Generals in Shanghai, Chongqing, Guangzhou and Hong Kong, can help identify the business opportunities that are waiting for you.
China will continue to invest in its future and build on its position as one of the twenty-first century’s greatest economic success stories. Britain, with our open economy and wealth of expertise, has much to offer to China as it continues to grow, and as this mission shows, wants to be a part of this incredible journey.
2 comments
Comment by Simon Haworth posted on
There is indeed extraordinary opportunity for UK firms, for example in healthcare and related markets, if we are brave enough to take that first step (and UKTI really can make it easier, in my experience). As a result we are now putting final touches to a funding initiative that will result in major Chinese investment in UK life sciences. Details expected to be announced in Q1 2014 during a China Delegation visit to the UK.
It takes a long time to get a conclusion on China, and the UK needs to keep working at it, exploiting her position as the jump-off-point to Europe and the lead innovator in the region. But my! That first step is worth the effort.
Simon Haworth, Dynasty Biotechnology
Comment by Simon Haworth posted on
There is indeed extraordinary opportunity for UK firms, for example in healthcare and related markets, if we are brave enough to take that first step (and UKTI really can make it easier, in my experience). As a result we are now putting final touches to a funding initiative that will result in major Chinese investment in UK life sciences. Details expected to be announced in Q1 2014 during a China Delegation visit to the UK.
It takes a long time to get a conclusion on China, and the UK needs to keep working at it, exploiting her position as the jump-off-point to Europe and the lead innovator in the region. But my! That first step is worth the effort.
Simon Haworth, Dynasty Biotechnology