Scotland to team up with SinoFortone on infrastructure projects

Updated: 2016-03-22 02:28:22

Scottish First Minister Nicola Sturgeon(center) signed the memorandum of understanding with Zhang Yu(left), Managing Director of SinoFortone and Sir Richard Heygate, partner of SinoFortone Group. [Photo provided to]

Scotland will work with Chinese partners to bring about infrastructure projects with a potential value of 10 billion pounds following the signing of an agreement by Scottish First Minister Nicola Sturgeon.

The Scottish First Minister on Monday signed the memorandum of understanding with Chinese investment group SinoFortone and China Railway No. 3 Engineering Group, the largest construction company in the world.

The agreement will pave the way for significant investment in areas such as clean energy, transport and affordable housing.

The First Minister was joined at Bute House by Peter Zhang, the Managing Director for SinoFortone Group, Sir Richard Heygate, senior advisor for China Railway No.3 Engineering Group, and Consul General Pan Xinchun.

"We have been co-operating and engaging with China since 2007 and I further progressed Scotland's business credentials during my trip last year, and this Memorandum of Understanding will strengthen our economic links with China in a number of areas," Sturgeon said.

"We have high hopes for Scotland's economy and it is in a strong position, but if we can drive further growth by looking beyond our shores and building relationships with firms across the world then we will seek to make that happen."

Zhang Yu, Managing Director of SinoFortone and Heygate, senior advisor for China Railway No.3 Engineering Group, commented:"We are delighted to act as a bridge between Chinese infrastructure expertise and finance with Scotland, to provide a real example of the benefits of the 'One Belt One Road' strategy in action."

Consul General Pan Xinchun congratulated all sides on this agreement and said this project will benefit not only Chinese enterprises but also the Scottish people.

Sir Brian Souter from Souter Investments said SinoFortone's investment will be good for our economy, create jobs and enable growth.

"We look forward to hearing more about the specific projects and infrastructure that they are aiming to invest in," Souter said.

Scottish First Minister Nicola Sturgeon(front, center) signed the memorandum of understanding with Zhang Yu (front, left), Managing Director of SinoFortone and Sir Richard Heygate (front, right), partner of SinoFortone Group. [Photo provided to]

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