Creative companies from the UK and China are set to benefit from £2 billion worth of trade and investment opportunities, Vince Cable announced today.
As part of an eight day visit to China, the Business Secretary was in Qingdao, known as the ‘Cannes of China’, to formally launch the Global Digital Media and Entertainment Alliance between the UK and China.
The Alliance was agreed during the summit between China’s Premier Li Keqiang and Prime Minister David Cameron during his visit to China in December 2013 and will promote long term relationships in the digital media and entertainment sectors, opening doors to the Chinese market for UK companies.
Vince Cable said:
“The UK’s £71 billion creative sector is one of our most important industries which help define our country’s brand around the world. Whether it is television programmes such as Sherlock, great fashion from Vivienne Westwood or innovative technology firms such as Myndplay, British creative products are in high demand with our total exports to China reaching more than £1 billion per month.
"This new plan will deliver a massive boost to UK creative exports and position the UK as the favoured location for inward investment, creating more sustainable jobs and building a stronger economy."
Vince Cable launched the Alliance at the Technology Innovators Forum (TIF-IN) which encourages collaboration on delivering the next generation of products in music, film, digital and video games.
TIF-IN encourages collaboration on delivering the next generation of products in music, film, digital and video games. Previously held in LA and London, the TIF-IN event in China will bring together the most exciting Chinese and British creative technology companies with high profile political, financial and entertainment stars.
So far TIF-IN has involved over 100 companies and delivered over £75m of business. The events have provided a platform to increase investment and partnership opportunities in the UK.
UK and Chinese companies present at the event include Tencent, Youku, BBC Worldwide, Pinewood Studios, Xiaomi, Universal Music Group International, ITV Studios and SOHU. Michael G Wilson from EON Productions, producer of the James Bond films and Gareth Neame from Carnival Films, producer of Downton Abbey will also attend.
The UK’s creative Industries, which includes the film, television and music industries, are now worth £71.4 billion per year to the UK economy — generating just over a staggering £8 million pounds an hour.
Tim Davie, CEO BBC Worldwide and Director, Global, said:
“TIF-IN China provides a fantastic opportunity for UK and Chinese businesses to come together in an environment designed to stimulate trade, share experience and build partnerships and networks.
"The UK has world-class tech and creative sectors and events like TIF-IN help to showcase and connect them to important overseas economies such as China."
Lucian Grainge CBE, Chairman and CEO, Universal Music Group and UK Trade Ambassador said:
"The TIF-IN events demonstrate what can be achieved when you bring together leaders, innovators and entrepreneurs across the creative and technology sectors. Our two industries are major drivers of economic growth and when we work together through international forums such as TIF-IN we are breaking down trade barriers and building real and lasting business partnerships."
The forum will be held by British organisations: UK Trade and Investment, BBC Worldwide, BBC and Founders Forum with Universal Music Group.
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