A portfolio of Northern Powerhouse projects offering more than £5bn worth of opportunities to Chinese investors is being published today (10 November).
The portfolio of 13 projects will be unveiled by chancellor Phillip Hammond, and supported by Northern Powerhouse minister Andrew Percy and international trade secretary Liam Fox.
The projects include delivery of Sirius Minerals’ new potash mine in North Yorkshire; the Protos energy development scheme in Cheshire; Liverpool City Council’s major regeneration of the city’s Pall Mall area to deliver 1,000 new homes; and plans to double the size of Manchester’s media hub, MediaCityUK, in Salford.
The portfolio will be launched as part of the eighth UK-China Economic and Financial Dialogue (EFD), which will encompass a series of events over a two-day period.
The delegation, led by Chinese vice premier Ma Kai, will meet with prime minister Theresa May and Bank of England governor Mark Carney, with the overall focus of the dialogue being the forging of a stronger partnership between the UK and China.
“As we seek to take to take the golden era of UK-China relations to the next step, we have a major opportunity to open up investment opportunities across the Northern Powerhouse,” said Hammond.
“This portfolio, opening up billions of pounds of investment ready projects to Chinese investors, will support our work to grow and create jobs across the north, as well as underpin our ambitions to bring world-class infrastructure to every corner of Britain.”
Fox added: “These real-time and market-ready projects will build on the successes of the Northern Powerhouse region, which has for centuries been a global hub of commerce, science, technology and innovation. Setting out opportunities like these show to Chinese investors, and to the world, that the UK remains open for business.”
The portfolio launch comes at a time of increased appetite for Chinese investment outside of London. Last week, the Department for International Trade brought almost 60 delegates on their first-ever Midlands Engine trade mission to China, where delegates from a range of sectors and representatives from local government met with their Chinese counterparts to develop trade, investment, higher education and regional relationships.
Alongside the investment portfolio, the Department for International Trade is already working with 15 Chinese investors on property development and infrastructure projects in the North of England.