Trade and Investment Minister Lord Green arrived in China to
begin a three day business tour which will see him visiting
Chongqing - which is twinned with Leicester - as well as Beijing
and Hong Kong.
This follows the Prime Minister, David Cameron's, visit to China
last November where he led a significant UK business delegation and
came to an agreement with the Chinese Government to double
bilateral trade by 2015.
China is the UK's ninth largest export goods market, and there
are several hundred British companies with a base in the
country.
Leicestershire's Cromwell Tools is just one of the local firms
doing well in China: Export sales went up by 35 per cent last year,
boosted by having a Chinese distribution base.
And Sutton in Ashfield-based lighting specialist Abacus,
recently opened a new state-of-the-art factory in Shanghai. It's
double the size of their previous plant, highlighting how well UK
firms can do out there.
Abacus was one of the first British companies to invest in China
15 years ago following a series of trade missions and market visits
with UK Trade & Investment (UKTI).
Peter Hogarth, East Midlands' International Trade Director at
UKTI said:
"Since 2007 export to China from the East Midlands has risen
from £267m to £316m, and that only includes the first
three quarters of 2010.
"Figures from the East Midlands China Business Bureau show that
exports of machinery and transport equipment have been the biggest
success for our region, growing by an amazing 58 per cent since
2007.
"I really would urge local firms to look into doing business in
China: By 2020 Chinese will be the major language on the internet
and there's an ever-increasing number of Chinese consumers who want
and can afford British quality design and products."
Lord Green said:
"China has seen spectacular unbroken growth over the last thirty
years and is a market that is very important to the UK's economic
development. It is our key partner for growth.
"I have lived in China for a significant time and I know, first
hand, the opportunities that exist here. I want to encourage more
British businesses, especially small and medium enterprises (SMEs)
to seize on these and expand into Chinese markets, not just Beijing
but the emerging cities as well."
The UK Government recently published a Trade and Investment
White Paper, to emphasise the importance of open markets, and of
working with overseas partners when seeking economic growth.
The Paper particularly looked at emerging economies like China
as the future of global growth, and the Government is now looking
more than ever to the opportunities this presents, especially in
high value Chinese and Hong Kong infrastructure projects. However
this can only be achieved where there is good market access for UK
companies.
Lord Green will also use this visit to emphasise the
attractiveness of the UK as an investment destination. China
already has a strong presence in sectors such as energy and
high-speed rail and this is expected to increase as more
opportunities open up in the area of infrastructure.
During the course of this week Lord Green will be visiting a
series of projects across China, demonstrating the country's
diverse skills and economic developments. Further visits from
senior Chinese figures to the UK are expected during the year,
following the visit of Li Keqiang in January.