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UK, Chinese firms eye opportunities in health care, engineering as Great Festival of Creativity opens
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BUSINESSMEN and government officials see growth potential for trade and investment in various areas as the Great Festival of Creativity in Shanghai opened with a number of UK companies seeking opportunities in China.
The UK became the most popular investment destination for Chinese companies in Europe last year.
UK Minister of State for Trade and Investment Ian Livingston said today that the country’s investment in China doubled in the past five years while Chinese investment in the United Kingdom enjoyed a compound growth rate of 85 percent in the last five years.
The UK government is also working to remove barriers for overseas investors.
Dominic Jermey, chief executive officer of UK Trade and Investment, told Shanghai Daily that high-end engineering and health care are the biggest attractions among festival participants and a number of hospitals are seeking to introduce UK expertise for high-end treatments to China.
UK trade and Investment also launched a program called e-exporting to allow small and medium-sized businesses in the UK to sell directly to Chinese consumers through online shopping platforms.
Wang Jianlin, chairman of Dalian Wanda Group, said he has been in negotiations on a number of investment projects in the UK regarding film production, hotels and residential properties.
"The UK's high-tech capabilities could be useful now that China allows private capital to invest in hospitals and UK and China have a lot of business initiatives to explore regarding the co-production of films," he said.
Wanda purchased a controlling stake in luxury yacht maker Sunseeker for 320 million pounds (US$492.8 million) in 2013.
The three-day Great Festival of Creativity ends on Wednesday.
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