UK-China sign $1.1 billion Rolls Royce deal

[News_Editor]

UK-China sign $1.1 billion Rolls Royce deal

2010-11-10 07:50:32 GMT+7 (ICT)

BEIJING, CHINA (BNO NEWS) -- The United Kingdom and China on Tuesday signed a deal worth $1.19 billion for Rolls Royce engines at the UK-China summit.

UK Prime Minister David Cameron and his Chinese counterpart Wen Jiabao witnessed the signing of the deal that consists in the supply of Trent 700 engines for 16 Airbus A330s to China Eastern Airlines.

"China is the world’s second biggest economy. Bilateral trade and investment is growing but there is scope for much more. Exporting is important for UK growth and UK jobs," said UK Business Secretary Vince Cable.

Prime Minister Cameron is leading the biggest ever UK delegation to China which includes Chancellor George Osborne, Business Secretary Vince Cable, Energy Secretary Chris Huhne and Education Secretary Michael Glove.

Cameron met with Chinese investors in order to reinforce his commitment to support their UK investments. During the meeting, they discussed nine recent and ongoing projects from China with a total value of over $480 million. In the last year, Chinese investments in the UK have increased by 23 percent.

The nine investments that have created over 1,200 jobs in London, Cambridge, Birmingham, Rochdale, Halifax and Scotland. The projects are associated with cutting-edge technologies and will use the UK’s leading research and development capabilities.

“Chinese investment into the UK was £27 million in 2009, which is nearly 10 per cent of all Chinese investment to the EU. Such a vote of confidence in our economy can only be positive for economic growth and for the development of other industries throughout the country,†Cable said.

In addition, the Chinese government has strongly supported a significant collaboration between Fudan University in Shanghai and UK universities including, East Anglia, Oxford, Cambridge, Manchester, Newcastle, Sussex and Southampton.

Fudan University will become the Chinese hub of the Tyndall Center which addresses issues regarding climate change. As part of the joint program, Fudan’s Urban Planning and Architectural Design Institute (UPADI) will set up an London office in collaboration with the University of East Anglia’s low carbon innovation center.

“Knowing that so many companies have been able to successfully develop their business is proof that we are becoming an ever more attractive destination for Chinese firms and that they in turn are investing in areas that will help both countries to grow and prosper.â€

-- © BNO News All rights reserved 2010-11-10

[geriatrickid]

Guess the Chinese are unaware of the Airbus fiasco over at Qantas.