Chongqing — Daniel Shaikh- Deputy Director – Innovation & Industry at Department for International Trade (DIT) shared his remarks on China-UK cooperation and the exciting potential for new trade partnerships.
The DIT, minted in 2016 by former Prime Minister Theresa May, negotiates and strikes trade agreements with international countries to bolster international cooperation in ways that benefit all parties.
According to DIT’s website, the government organization operates out of the UK consulates in China and works closely with companies to 1) set up and expand business opportunities in the UK, 2) source products or services from the UK, 3) connect with UK partners, and, 4) export from the UK.
“There are a lot of promising opportunities for Chinese companies in the UK and here in China. [Our job] is to make sure they have the right environment to succeed.”
One of the areas which Shaikh cited for potential future growth between the two countries is AI. During his presentation, Shaikh highlighted the advantages of both countries’ in the field. The UK, with substantial historical influence in the area, has the most unicorn investors in its 1bn ￡ domestic industry and also boasts vast talent pool, he said.
China is also showing great promise in the field of AI, budget sheets showing an explosive increase in Chinese investment from 24M RMB in 2017 to more than 70M RMB this coming year.
“The investment that China is putting in is huge. There is a lot of synergy and capability between our two countries. This expo is a great example of that,” he said. “We want to ensure that this collaboration continues, and we want it to grow stronger.”
Du Guoyu, a Co-founder of UKDE Limited – a London-based financial technology group, also spoke at the meeting about its products and services including blockchain technology-powered cryptocurrency wallet UKEX Pay. UKEX Pay is a cryptocurrency wallet which combines cryptocurrency with traditional financial payment and settlement system to provide global transactions.
Du Guoyu said that consumers are ready for the next evolution in payment. “The earliest card payment method appeared in the UK in the late 19th century, and the first non-cash card payment for the general consumption scene appeared in the 1950s. European and American consumers used to pay by cards for more than half a century. In the era of mobile Internet, UKDE offers a new experience of mobile payment scenarios for users through APP-based mobile payment solutions.”
UNEX pay also enables users with convenient and secure payment services, worldwide dominant currency coverage, and choice of spending in GBP, USD or EUR.
In the long term, UKDE plans to expand the service to cover the west of China, ASEAN and Europe, bringing convenience to international investment, financing, trading, and settlements, and strive and will “become an important economic and trade financial service infrastructure in “the Belt and Road” international cooperation” he said.