TNAG-1497-FCO40-2055-Guangdong-nuclear-power-station-project-at-Daya-Bay-safety-c-1986 — Page 324

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.