1. ITV Report

North East business projects shown to Chinese investors in the hope of securing funding

The Vaux site in Sunderland and potash mine project in Whitby will be shown to potential Chinese investors in the hope of securing funding. Photo:

Two of the region's business projects are being presented to Chinese investors today, as part of the Northern Powerhouse drive to attract international funding.

The delegation will be shown plans, including property development on the site of the former Vaux brewery in Sunderland - and Sirius Minerals' new potash mine, near Whitby in North Yorkshire.

They are among eleven other projects being showcased, offering more than £5 billion pounds of opportunities to Chinese and international investors.

They will be unveiled by the Chancellor, Phillip Hammond and the Northern Powerhouse Minister, Andrew Percy.

Projects from our region being presented to foreign investors:

  • Sirus Minerals, Polyhalite Project, Whitby, North Yorkshire: an opportunity to invest in the building of the first potash mine in the UK for over 40 years. Full production capacity will be 20 million tonnes per annum, directly creating over 1000 new jobs.
  • Vaux, Sunderland: an opportunity to invest in a development providing offices, leisure, a hotel, residential and retail space.

Chancellor of the Exchequer, Philip Hammond, described the event as an "opportunity to open up investment opportunities across the North."

Chancellor of the Exchequer Phillip Hammond arriving in Downing Street, London, for a Cabinet meeting in September. Credit: PA.

As we seek to take to take the golden era of UK China relations to the next step, we have a major opportunity to open up investment opportunities across the Northern Powerhouse.

This portfolio, opening up billions of pounds of investment ready projects to Chinese investors, will support our work to grow and create jobs across the north, as well as underpin our ambitions to bring world class infrastructure to every corner of Britain.

– Philip Hammond

Northern Powerhouse Minister Andrew Percy said that investors from abroad "know that the North has some of the world's best business."

Building the Northern Powerhouse is at the heart of our efforts to create an economy that works for everyone.

Investors from abroad know that the North has some of the world's best and most talented entrepreneurs and businesses, and today we're showcasing 13 oven-ready opportunities to them which could create thousands of jobs for years to come.

– Andrew Percy