Member Article

Northern Powerhouse businesses prepare for Chinese investment

Chinese investment could turbo-charge the Northern Powerhouse invigorating more than a dozen key industries across the region, but not all firms are ready to take advantage of the potential bonanza.

Lawyers at Clarke Willmott LLP in Manchester say businesses need to move quickly ensure they don’t miss out on the enormous opportunities of working more closely with Chinese investors.

Ed Foulkes, a corporate partner in Clarke Willmott, said: “The latest round of trade talks arranged by the UK Government covers financial services, infrastructure and energy projects. The talks represent a once-in-a-lifetime opportunity to strengthen ties between China and Manchester and to create business partnerships across the Northern Powerhouse.

“With 13 major schemes in the North being put forward in the latest round of UK-China Economic and Financial dialogues it is potentially exciting news for all those with Chinese businesses and investors who have vested interests in the economic potential of Manchester and the Northern powerhouse.

“We are assisting businesses with our dedicated team, including Chinese speaking and qualified lawyers. It is important that those getting involved with these projects understand the way that businesses work in China and the North of England.”

Chancellor Phillip Hammond, Northern Powerhouse Minister Andrew Percy and International Trade Secretary Dr Liam Fox have assembled a £5 billion worth of potential schemes including doubling the size of Salford’s key MediaCityUK, investing in the Sirius Minerals potash mine in Yorkshire and developing a major mixed-use site in Sunderland.

There are seeking backers for the new avionics hub at the Aerospace Centre in Doncaster as well as new homes at Kirkstall Forge in Leeds.

In addition, Chinese investors are being steered towards additional projects at Future Carrington in Trafford; the Kampus development in Manchester; the Liverpool Waters Scheme, Protos at Ellesmere Port in Cheshire; Pall Mall in Liverpool; the Stockport Exchange in Stockport; the Unity regeneration scheme in Doncaster and the Advance Manufacturing Innovation District in Sheffield.

For its part The Department of Trade is working with 15 Chinese investors to build a ‘Golden Era’ of trade links with the Far East.

Ed Foulkes said: “As Britain looks to strengthen our Global trading partnerships following Brexit, China becomes an even more important market. There are fantastic opportunities to strengthen partnerships between China and Manchester.”

This was posted in Bdaily's Members' News section by Clarke Willmott .