Britain Welcomes More Investment from China

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Last updated at: (Beijing Time) Thursday, July 17, 2003

Britain Welcomes More Investment from China

Seeing the enormous potential of economic cooperation, Britain is ready to attract more investment from China.

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Seeing the enormous potential of economic cooperation, Britain is ready to attract more investment from China.

Claire West, China Country Manager of Invest UK, made the comment to Xinhua here Wednesday, adding that China has become thesecond largest investor in Britain, next to Japan, from the Asia Pacific region.

During the fiscal year 2002 to 2003, 22 Chinese companies opened business organs in Britain, creating 234 local job opportunities. This tripled the number of Chinese companies investing in Britain from 50 three years ago to 150.

Some well-known Chinese companies, such as Petrochina, chose toset up their first headquarters in Britain for European business.

"I am delighted to see the increasing investment from China in Britain, as Chinese companies will find a sound environment there for their business," said West.

Investment in software and high value-added technology remainedvibrantly growing in Britain despite the ongoing downturn in IT industries, she said.

Britain, as the largest research and development base in Europefor the United States and Japan, has also attracted investment from 70 percent of manufacturers in Hong Kong and Taiwan. The reputable Chinese Haier Group has also cooperated with British company CCT on a research and development center.

West pointed to low market entry, flexible and ample work forceand world-class universities with leading research facilities as the major factors attracting global investors.

Her words were recently illustrated as the Shanghai Government Overseas Investment Development Board and the Fujian Software Alliance both chose Britain for their first European offices.

Invest UK is the British governmental administration for promoting foreign investment. A newly released annual report of Invest UK showed that Britain remained the leading country in Europe in foreign investment.

In the first three months this year, a total of 709 projects using foreign investment were reported to Invest UK, including newprojects, business expansions and acquisitions with 35 countries.

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