1986-01-06 13:31 DPT INDUSTRY, ASHDOWN HSE
01 828 0931 P.03
PRESS RELEASE
1 I am delighted to announce that the financial memorandum in
support of GEC's recently announced agreement on the supply of
turbine generators for the Guangdong nuclear project has been signed
Dapartman of Motion and funshausting in Peking by representatives of the and the Bank of China.
2 This signing underlines the importance of Government-backed
finance in setting up such major projects. On Guangdong, the
Government, the Department of Trade and Industry and ECGD have
worked very successfully over a long period with GEC and British
banks to secure agreement. Over a period of years Ministers have
been closely involved throughout and have been determined to get
this order for Britain if reasonable terms could be secured. It is
extremely gratifying that this has proved possible.
3 The
The Guangdong nuclear project itself is a tribute to the
commitment and efforts of many people in China, Hong Kong, France
and the United Kingdom, who have carried the
who have carried the venture forward from
its beginnings Some five years ago to the point where final
negotiations could be completed. DTI's coordinating team has worked
closely with agencies from all the participating countries from the
start. Our Embassy in Peking and our Trade Commission in Hong Kong
have also been very much involved.
4
The contract will be valued at over £250 million and will have
wide benefits. It will give high quality work and maintain many
jobs in GEC and in many UK sub-contractors and suppliers. It will
strengthen economic ties between China, Hong Kong and the United
Kingdom and I am sure it will lead to increased business cooperation
between British companies and their counterparts in China.