UK firms secure £2 billion of deals at Expo in Shanghai
November 13, 2018
The China International Import Expo saw the UK delegation, led by International Trade Minister Dr Liam Fox, secure commercial deals across a range of sectors according to gov.uk.
The UK delegation secured more than £2 billion of commercial deals across a range of sectors including creative industries, healthcare, education, energy, mining and aviation. The deals include:
- a £30 million partnership between Clipper Media Capital and Arca Pictures on film co-production
- a deal between TPP and Shanghai Kunfu Bio Technology to roll-out an AI-led health management app in Shangai
- a deal signed by Rolls Royce worth more than £850 million
In addition to the commercial deals that will have immediate benefits for the UK economy, CIIE saw China take some significant steps towards further opening its economy.
China’s ongoing efforts to open up, increase imports across both goods and services and improve the business environment were welcomed by the UK government, as were President Xi’s calls to relax investment restrictions in the education and healthcare sectors.
International Trade Secretary Dr Liam Fox MP said:
Shanghai Expo was a major success for UK firms with more than £2 billion of deals signed by businesses of all sizes – from SME’s in the creative industries to global powerhouses like Rolls Royce. China demonstrated a real desire for British goods and collaboration with British firms and the UK delegation took full advantage.
There were also very encouraging signs that China is genuinely committed to further opening up of its economy. And while we welcome the signals, we want to see a clear timeline for liberalisation and even further opening up including easing investment restrictions across all sectors, amending technology import-export regulations and ensuring government procurement follows WTO standards.
Further liberalisation in the services sector, in particular, is key for British firms as we have the world class expertise that many Chinese businesses need in order to reach their economic potential.