Greenbank secures breakthrough commercial agreements on Prime Minister’s trade mission to China
The Greenbank Group UK has been honoured to be involved in the Prime Minister’s current trade mission to China, which has resulted in the group securing two significant commercial agreements with leading Chinese power organisations Qingdao Sizhou Electric Equipment Co Ltd and the Guodian Power Group.
The trade visit led by Prime Minister has included ministers and business leaders from every sector, and is the biggest trade mission ever to leave British shores.
Charles Conroy, Managing Director of the Greenbank Group, travelled with the delegation representing the power generation and energy industries, and whilst in Beijing and Shanghai was able to bring two business ventures to a successful conclusion.
These agreements will increase Greenbank’s turnover by 20% over the next five years. The first of the two new deals was the signing of a memorandum of understanding with Qingdao Sizhou Electric Equipment Co Ltd (Sizhou) to work together on promoting a range of Greenbank’s products into China.
The aim is to build closer ties between the two companies through a distribution and licensing agreement, which includes a reciprocal arrangement in the UK to allow Greenbank to draw upon the engineering expertise of Sizhou to supplement the range of services offered in the UK market.
The second success was a formal supply, distribution and licensing agreement between Greenbank and Beijing Huadian Tianren Electrical Power Control Technology Co Ltd (part of the large Guodian Power Group) for the sale into China of one of the company’s range of innovative boiler optimisation technologies having potential to increase the scope with more products in the next few years.
Prime Minister, David Cameron commented:
"I am delighted that Greenbank Group are joining me in the largest British business delegation to go to China this century. This Government's priority is to secure the economic recovery and we are determined to all we can to help British companies to succeed in the global race.
"I am firmly committed to playing my part which is why I have taken more than 130 business delegates to China, including Greenbank Group. My aim is to open the door for them in this fast-growing market, creating opportunities for them to expand their business."
Greenbank Group, Managing Director Charles Conroy added:
“This visit has been a huge boost to our business in China. This significant vote of confidence in Greenbank technologies means the Group can invest further into growing our operational presence in China. The 5 year agreements will at least double the company's current annual export levels and return a sizeable portion of the company's future turnover to export.”
Greenbank has had a presence in China for seven years opened a wholly owned foreign enterprise (WOFE) in Beijing last year and recent success has provided great references, giving great hope for the future of Greenbank’s home grown technologies in China.
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