British-Swedish pharmaceutical giant AstraZeneca said on Thursday it plans to invest US$15 billion in China through 2030, signalling renewed momentum in UK-China commercial ties.
The investment – the biggest deal announced so far during UK Prime Minister Keir Starmer’s trip to Beijing aimed at strengthening trade ties – will support expanded medicines manufacturing as well as research and development (R&D), the company said in a statement.
“Unlocking opportunities for British businesses across the globe and delivering for working people back home is always the driving force behind my international engagements,” Starmer said in the statement, adding that AstraZeneca’s expansion in China would support thousands of UK jobs and reinforce the country’s life sciences sector.
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Starmer’s four-day trip marks the first visit to China by a British prime minister in eight years and comes as London seeks closer economic cooperation with Beijing amid strained relations with Washington.
During talks on Thursday, Chinese President Xi Jinping called for a “new chapter” in UK-China relations and urged deeper dialogue and cooperation in what he described as a complex and volatile global environment, according to state news agency Xinhua.
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Starmer said it was “crucial” for both countries to pursue a long-term and stable comprehensive strategic partnership, Xinhua reported.
“The multibillion pound investment announced today from AstraZeneca, alongside partnerships from some of our country’s leading universities, furthers research and development in the UK and helps power our world class life sciences sector,” said Starmer in the AstraZeneca statement.
