30 October 2015

Sheffield City Council has announced a major new investment partnership with Sichuan Guodong Construction Co Ltd, one of the largest companies in Sichuan Province.

The Council, and Sichuan Guodong Construction Co Ltd, have agreed a framework for the development of a long term strategic alliance for investment in Sheffield. Sichuan Guodong Construction Co Ltd is based in Sheffield’s sister city Chengdu, and is worth over one billion pounds.

Mr Wang, Chairman of the Board and President of Sichuan Guodong Construction Co Ltd, said: “I am delighted to sign this agreement with Sheffield City Council. I am here because Sheffield really does stand out amongst all UK cities as an outstanding business investment. This agreement illustrates our confidence in Sheffield as a city going from strength to strength, with real growth potential. We are looking forward to being a part of this over the coming decades.”

Councillor Leigh Bramall, Deputy Leader of Sheffield City Council, and Cabinet Member for Business, Skills and Development, said: “This exciting announcement shows clearly that confidence in Sheffield is high as a place to invest, and that we are a leading UK city and location for foreign direct investment. This is a real vote of confidence, and the result of a step change in the work of the Council on our international relationships to attract jobs and investment into the city.

“This is only the beginning of our relationship with Sichuan Guodong Construction Co Ltd, and I look forward to many decades of working together in partnership for our mutual benefit.”

The memorandum of understanding outlines plans to facilitate investment in Sheffield and the wider City Region by the Sichuan Guodong Construction Co Ltd. The culture of business by Chinese investors is such that relationships are first forged, and then continue over many decades. This arrangement has been supported by UKTI’s Regeneration Investment Organisation (RIO).

Sir Michael Bear, UK Special Envoy for Sustainable Urbanisation to China, and Chairman of the UKTI Regeneration Investment Organisation (RIO), said: “We are delighted to have been able to support Sheffield City Council to secure this investment commitment into the City, particularly as it has followed on so closely to the highly successful visit of the Chinese President to the Northern Powerhouse last week. This is a great example of the support RIO can provide to significant regeneration projects throughout the UK”