China-UK Belt and Road reports 21 projects worth more than $27 billion

Business people share their experiences with China-UK cooperation along the One Belt One Road on Wednesday in Beijing. [Photo by Chen Yingqun/chinadaily.com.cn]

The China Britain Business Council listed in Beijing on Wednesday 21 examples of UK-China cooperation under the Belt and Road Initiative, of which all the projects worth more than $27 billion.

The announcement came in Beijing on Wednesday in the new report, China-Britain Belt and Road Case Studies Report - Global Partnerships in Action. The 21 examples of UK-China cooperation are in Europe (UK, Romania, Russia), the Middle East (Iraq), Asia (Pakistan, Bangladesh, China, Indonesia) and Africa (Nigeria, Tanzania).

It includes case studies from some of the UK's most renowned companies, such as HSBC, BP, LME, Linklaters and KPMG - demonstrating the complementary qualities of UK and Chinese expertise across the globe.

The report is a guide to encourage more UK companies to partner with Chinese companies in China's enormous Belt and Road initiative. It is estimated that the Belt and Road countries account for two-thirds of the world's population, but only account for one third of the world's GDP. Infrastructure is key to the economic development of countries along these routes - and many opportunities exist for UK companies.

"This practical report is based on case studies of UK and Chinese firms already jointly working on projects in third country markets; Chinese firms using the UK as a platform for servicing projects in third country markets and also UK firms providing professional advice or services to Chinese firms operating in unfamiliar, often risky, business environments," Lord Sassoon, CBBC chairman, said.

Robert Elliott, chairman and senior partner, Linklaters LLP said, "We are committed to promoting the understanding of One Belt One Road as a development policy, and the significant opportunities it provides for expanding world trade."

Elliott said that the Belt and Road Initiative is already bringing opportunities to global companies. The key for them is to learn about expectations from both Chinese companies and companies from other countries and also to offer solutions based on their commercial expectations and different cultural and regulatory backgrounds, he said.

"The Belt and Road has the potential to shape global trade for decades, maybe centuries, to follow. The UK has a proud history as a global trading nation and can add immense value to Belt and Road as the next generation of trade routes unfold," David Sayer, board member and chairman, High Growth Markets, KPMG UK, said.