Thousands of Sheffield jobs promised from huge Chinese investment deal
Thousands of new jobs are on their way to Sheffield - thanks to a new 60 year investment deal with a Chinese company.
The city council's signed a 60 year partnership with the Sichuan Guodong Construction Group, which will see 220 million pounds invested in city centre projects between now and 2019, with more investment to follow.
It's the biggest Chinese investment deal ever signed by a UK city outside of London.
Councillor Julie Dore, Leader of Sheffield City Council, says it's a great deal for the city:
"This is a real partnership. The projects funded by this investment will be determined by Sheffield City Council, and the 60 year commitment secures a stream of investment into our city for the next generation, and means a whole range of projects become viable because of the long-term nature of the relationship. "
“At a time of unprecedented uncertainty and turmoil on the national political scene, we have taken the bull by the horns and led by example here in Sheffield. We have the skills and the connections to drive economic growth in our city.”
We don't know yet which projects will be funded with the money as they haven't been decided on yet.
The deal is with a construction company in Chengdu - it's a city of 16 million people, the fifth largest in China, and largest in Sichuan Province in western China.
The work agreement with Sichuan Guodong Construction Group is running parallel to increasing civic and cultural ties between Sheffield and the Chinese city.
Councillor Leigh Bramall, Deputy Leader of Sheffield City Council says the deal will make a huge impact on Sheffield:
"We are clear that this will create hundreds, if not thousands, of additional jobs for the people of Sheffield. The investment comes from China, but the workforce on these projects will be British."
“This agreement is ground breaking. It will see the resources made available to deliver the vibrant, growing city centre our city needs. This will make Sheffield even more attractive to inward investment, create jobs and enable us to compete with other big cities. It demonstrates our ambition for the city. We have gone out and made this happen, not sat back and waited for others to come to us."