Release Date: 10 September 2006
Release ID: 856
London ranks as the most popular destination for Chinese companies expanding into Europe according to the Ernst & Young European Investment Monitor. The news comes from Think London, the foreign direct investment agency for London. Figures show that since 1997, London has attracted 34 Chinese foreign direct investment (FDI) projects, with 27 of these projects having been completed since 2002. London attracted 15% of all Chinese FDI into Europe since 2002, the highest share for any European city.
"London is seen by Chinese companies as a natural base for expanding into the wider European, African and Middle East markets", said Michael Charlton Think London's Chief Executive. "Over the past four years, London has attracted four times as many Chinese FDI projects as Hamburg or Paris."
In an effort to help more Chinese companies expand into London, Think London recently opened an office in Beijing. The move reflects the growing importance of China to London's economy. In 2004 alone, investment into London from greater China totaled GBP 120 million.
"London is recognised as China's gateway for entry to the European Union and is Europe's global financial and technology hub", said Charlton. The UK is already by far the largest recipient of Chinese FDI in Europe, and a third of that comes to London. London's Chinese business community now includes over 250 mainland companies, most of which have chosen London for their European sales and marketing headquarters. In addition, there are 2,000 businesses operating in London which are Chinese-owned as well as a resident Chinese community of approximately 80,000.
Think London is currently in the process of assisting Hebei Jingniu Group set-up their European headquarters in London. Hebei Jingniu Group is a high-tech enterprise which specialises in the development and production of rolling crystallized glass, on-line coated float glass, crystal nucleus material and jade crystallized stone. Think London also recently helped the China National Offshore Oil Corporation (CNOOC), a state-owned oil company and Mindray, a leading Chinese medical device designer and manufacturer, to expand into London. CNOOC has established a London office to co-ordinate its oil and gas exploration and foreign partnership activities in the Middle East and Africa. Mindray opened its European base in London, focusing on marketing and after-sales service, as well as the UK's National Health Service.
Since 2000, Think London has assisted a wide range of Chinese companies to set up a presence in London, including ZTE, China Telecom Corporation, Shanghai General Electronics Group, China Eastern Airlines, Huawei Technologies, PetroChina, Guangdong Midea Household Electronics, China Eastern Airlines and China Export and Credit Insurance.
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