Chinese premier Li Keqiang and Prime Minister David Cameron have signed various memoranda of understanding (MOU) that establishes further support for UK companies seeking to do business with China, and thus provides a platform for them to expand as a result of massive investments in big infrastructure and energy projects in UK.
The new agreement eases the way for Chinese money to come into Britain, outlines a new nuclear treaty and an MOU on collaboration in the field of rail transportation.
The MOU outlines the scope of the new partnership as listed below:
-the development of new build and upgrading rail infrastructure projects;
-the supply of products and services to third markets;
-collaboration on research and development within the rail sector;
-rail transport safety and evaluation; and
-energy saving and environmental protection in rail.
The rail agremeent will lead to closer co-operation and collaboration between Chinese and UK companies in areas such as rail design, engineering, construction, supply, operation and maintenance.
The new nuclear MOU allows Chinese companies to own and operate Chinese-designed nuclear power stations in the UK, as long as they comply with the requirements of the UK’s independent regulator. This could imply that some Chinese investment could be directed towards Hinkley Point C nuclear project.
Chinese firms MAP Environmental Ltd and Z N Shine Solar have now entered into a joint venture to purchase, develop, construct and manage £400 million of UK solar PV assets.
The Department for Innovation and Skills said: “The project will involve a 3 year construction programme in conjunction with some of the UK’s largest engineering, procurement and construction contractors and the on-going maintenance will run for up to a further 20 years.
“The project will generate up to 50 new UK jobs in design, administration and operation roles with a further 500 new UK jobs in construction and maintenance created over the period of the contract.”
Photo Source: Construction Enquirer