Briefing by Liaoning BOFTEC

Meeting the delegation from Liaoning

Yesterday I attended the Briefing by Liaoning BOFTEC (Bureau of Foreign Trade and Economic Cooperation) at Leeds Chamber of Commerce. The delegation from Liaoning Province in China had come to present information about investment opportunities for UK companies in Liaoning. The province is rich in mineral resources and holds 30% of China's iron ore, major industries include crude oil processing, ship building, steel and computer software industries. Export from the region to Europe and Africa is $4.8 billion USD and import from the same areas is $5.4 billion USD. Currently there are 331 UK enterprises based in Liaoning province, including BOC, and they generate $1.8 billion USD. In 2009 Liaoning province exported goods of a value of $470 million USD to the UK, including aquatic goods, iron and steel, electronic machinery, clothing and furniture. Imported good from the UK valued $266 million USD including electronic machinery, waste metal, aquatic products and rubber. It is clear that there are many opportunities for UK companies wishing to expand their operations and invest in Liaoning province, with the promise of tailored policies to incentivise. There is also a burgeoning market in Liaoning Province for UK goods, it is clear that the UK is missing opportunities in the region as we are currently net importers from the region whereas the region is actually a net importer from Europe and Africa. More images of the meeting can be found on Flickr