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British investors visit Hainan to hash over free trade port's prospective

UK companies are closely monitoring Hainan's free port, says official

HAIKOU, July 30. /TASS/. Representatives of more than 20 UK companies visited the Island of Hainan this week to study the business climate and investment prospects for the regional free trade port, reported the Hainan Daily. 

According to the newspaper, a delegation led by Tom Duke, Deputy Trade Commissioner of the British Ministry of Foreign Trade in China, arrived to discuss the details of the new strategy for the development of the province and agree on a number of issues related to favorable opportunities for foreign enterprises. British business representatives met with the mayor of Haikou (the administrative center of Hainan) Ding Hui, and also visited Sanya, a leading resort and dynamically developing new financial center in China.

"UK companies are closely monitoring the formation of Hainan's free port," Tim Duke said at an investment symposium in Sanya. According to him, the British Foreign Trade Office will actively promote the establishment of contacts between the national business and the island.

According to the Deputy Trade Commissioner, the British companies plan to increase cooperation with Sanya in the construction industry, education, culture and sports, medicine, tourism and retail. "British enterprises are exploring opportunities to enhance cooperation. We are interested in boosting ties in many areas," said Tom Duke.

On April 13, 2018, Chinese President Xi Jinping announced the creation of an pilot free trade zone and port on Hainan. The program aims to involve the island in the process of globalization and international distribution of labor, to lay a solid innovation base. The provincial administration creates attractive conditions for investors, forms a developed research infrastructure. According to the government's plan, by 2050 this region will become a unique cluster with an advanced economy with the campuses of leading universities, top-notch laboratories and the headquarters of world corporations.