British, Chinese firms sign $4 billion of deals
Britain and China signed business deals worth around 2.6 billion pounds (USD 4 billion) on Monday, including an agreement that will see a breeding pair of giant pandas, Tian Tian and Yuangguang, in Edinburgh Zoo for 10 years.
January 11, 2011 / 08:38 IST
Britain and China signed business deals worth around 2.6 billion pounds (USD 4 billion) on Monday, including an agreement that will see a breeding pair of giant pandas, Tian Tian and Yuangguang, in Edinburgh Zoo for 10 years.
The deals also foresee increased sales of Jaguar Land Rover vehicles to China. JLR, a unit of Indian group Tata Motors, as committed to sell 40,000 Jaguar and Land Rover vehicles, worth more than 1 billion pounds, in China in 2011.Oil major BP and the China National Offshore Oil Corp signed an agreement on deepwater exploration in the South China Sea, the British government said, but gave no details.The agreement came days after a US commission said BP and its partners made a series of cost-cutting decisions that ultimately contributed to the Gulf of Mexico oil spill.PetroChina also announced a framework deal to partner with private British firm INEOS to form refining joint ventures at the Lavera refinery in France and Grangemouth in Scotland.The deals were signed during a visit to Britain by China's vice premier, Li Keqiang. Billions of dollars of agreements were announced during Li's visits to Germany and Spain last week. Jaguar Land Rover chief executive Ralf Speth said its deal "not only signals the acceleration of our growth plans but also reflects both the importance of the Chinese market to Jaguar Land Rover and our value to the UK economy".JLR has three British manufacturing plants. Tata Motors said in October JLR was in talks with a Chinese automaker to establish a manufacturing and sales joint venture in China.Jobs safegaurdedThe British government, which hopes private-sector job creation will power economic recovery despite public-sector job cuts, said the deals would safeguard 700 jobs in Britain.Like many other countries, Britain is trying to boost exports to emerging giants such as China, India and Brazil.Prime Minister David Cameron's efforts to double trade with China by 2015 received a boost in November when enginemaker Rolls-Royce won a USD 1.2 billion order during his first visit to China since taking office in May.German government sources said last week carmakers Daimler and Volkswagen would sign deals with China totalling USD 5 billion.Auto sales in China, the world's largest car market, are set to cool in 2011 after surging a third to a record high in 2010.China will lend the giant pandas Tian Tian and Yuangguang to Edinburgh Zoo to boost research, conservation and tourism.Among other deals announced on Monday:-- China Nonferrous Metals International Mining signed a cooperation agreement with Kryso Resources -- Britain and China agreed to develop a new partnerships scheme for promoting low-carbon growth at provincial and city level in China.-- The China Development Bank and HSBC signed an agreement. No details were given.-- Shanghai Haobo Chair Co signed an agreement to buy a 45% equity stake in ES UK Group. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
