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Britain seeking auto investments from Chinese carmakers

Published Nov 28, 2023 02:46
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British investment Minister, Dominic Johnson revealed Monday his efforts to attract Chinese car manufacturers to invest in the country. He emphasized the significance of Chinese investment in achieving environmental goals.

During a foreign direct investment summit held at Hampton Court Palace on Monday, British investment minister Dominic Johnson highlighted that commercial negotiations could proceed independently alongside political disagreements.

"Chinese investment is crucial if we're to achieve our net zero goals ... I welcome strong business collaboration between the UK and China when it comes to investing in each other's countries," Johnson told reporters.

Johnson added however, that he would rather Chinese cars were made in Britain than imported into the country.

Sunak restated his belief that collaborating with China in certain domains is feasible while safeguarding Britain's interests in particularly sensitive areas.

Britain is reassessing the application of its recently enacted National Security and Investment (NSI) Act, which has notably hindered deals supported by Chinese entities to a greater extent.

Johnson expressed worries regarding the perception of discord generated by the act. However, he clarified that it had intervened in only a few deals overall, emphasizing the necessity of having protective measures in place.

"We've been very clear that we need to work with our European partners not to get stuck in rules of origin omelettes, which is unhelpful to both sides," Johnson said. "We want to have sensible, pragmatic outcomes to help our car manufacturers."

Britain seeking auto investments from Chinese carmakers
 

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