Liberal Democrat News 03 August 2012
Originally published by UK Liberal Democrats
Olympics spawns £1bn trade deals
While the Team GB competitors strive for medals in venues all over the country, the Coalition government is using the Olympic Games to promote UK trade.
"Trade and investment is critical to our economic recovery and future prosperity," said Business Secretary Vince Cable.
"This summer's Olympic and Paralympics Games is more than just a great sporting spectacle - it is an unrivalled opportunity to promote the best of British industry and make the most of our openness to foreign trade and investment."
Over £1bn of deals and projects are expected to be announced at the British Business Embassy over this summer as businesses capitalise on the Olympics. British Business Embassy brings together nearly 4,000 world leaders, policy makers and investors to London. Projects announced so far include:
China Southern Airlines (CSA), China's largest airline by passenger flow, is opening a new office at Heathrow next month. The company will be recruiting cabin staff, in-house marketing, reservation and airport support staff in the UK. In June, the airline launched a new route from Guangzhou to Heathrow, the first direct flight from southern mainland China to the UK.
Chinese men's fashion retailer Bosideng has opened the doors of its first overseas flagship store, located on London's Bond Street. Spread over six floors, the total £35m investment has created 40 new jobs in the UK with more in the pipeline.
British companies have won over £600,000 of construction contracts for the Beijing Green Building Park, with more contracts to come. The project was agreed on at the UK-China London Summit in June 2011 following a visit by the Chinese Vice Premier Li Keqiang and Vince Cable earlier that year.
AGA Rangemaster based in Leamington Spa and Telford, which has origins dating back to the start of the Industrial Revolution, has agreed the basis for a landmark reciprocal distribution and product development agreement with Vatti, a leading Chinese supplier of household appliances.
Tunbow Group, a Chinese manufacturer launches its first subsidiary in the UK - Aves Digital Ltd. From its new base in Milton Keynes, Aves Digital will design and market Digital DAB+ Radios, Bluetooth Wireless Speakers etc. The investment totals over £2m in 2012.
Aquarius Investments, a Hong Kong-based commercial philanthropic enterprise, will convert a Victorian building in Islington into 'The Halcyon'.
This iconic centre is intended to showcase the best of British food, beverage, retail, art, design, music and entrepreneurial spirit. The investment will be in the region of £12m and will generate up to 80 jobs.
SRI GROUP (Socially Responsible Investment) is moving its world HQ from Italy to London. Its capital investment of around £3m is expected to more than double over the next couple of years.