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Garbutt & Elliott launches its China desk
A YORK accountancy firm is working to bring investment into the region from the Far East in response to “significant and increasing” interest from China.
Garbutt & Elliott, which has an office in Huntington as well as one in Leeds, has launched its China Desk to capitalise on what bosses have described as the best ever potential for Chinese investment in to the UK.
The launch of the new service was enhanced by a visit to China by Garbutt & Elliott senior partner David Dickson, who attended four-day mini summit in Beijing.
The summit was organised by Praxity, the global alliance of accountancy practices.
As a member of Praxity’s World Governing Council, Mr Dickson said the discussions at the summit were a “resounding endorsement” of his firm’s recent decision to set up a dedicated China Desk to encourage Chinese businesses to invest in Yorkshire and the UK.
He said China currently invested about $78 billion per annum overseas, 33 per cent of which came to Europe, and specifically $8 billion coming to the UK.
Mr Dickson said recent changes in the Chinese government’s outlook could also significantly increase outward investment, given increased domestic labour costs and the need for firms to acquire world-class technology.
He said: “The potential for Chinese investment in the UK has never been greater and companies, including family-controlled businesses, are looking at linking up with trusted advisors. A number of businesses are looking at the UK for the first time and, having previously acquired quoted companies, are now looking at private companies within specific industry sectors. Our China Desk, established with the assistance of two interns from York University, Xu Wang and Jingwen Feng, is now looking at providing a ‘one-stop shop’ to Chinese businesses considering investment in the UK. A number of these companies are likely to be family businesses and we have a particular specialisation in this field.”
Xu and Jingwen have developed a webpage, video and presentation in Mandarin, all of which are accessible to the Chinese market, proving “extremely helpful and popular”, says Mr Dickson.
“There is great potential in Chinese outward investment activities. Over time, outward investment will become even more important to the Chinese private sector and their larger family businesses. We believe that the establishment of our China Desk makes us particularly well-placed to assist these companies with their investments in the UK, as well as to help Chinese nationals already based here who are looking at acquiring companies in targeted sectors.”
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