(CBN Global) March 23 -- First Minister of Scotland, Ms. Nicola Sturgeon, signed a memorandum of understanding on March 21 with China Railway No. 3 Engineering Group Co., the largest construction company in the world, and Chinese-backed investment company SinoFortone (UK) Group to develop integrated infrastructure projects worth up to GBP10 billion (USD14.2 billion).
The government of Scotland started bilateral cooperation with Chinese enterprises in 2007, and economic and trade ties between China and Scotland were further strengthened after Ms. Sturgeon's visit to China last year, CBN has been informed by several sources.
The execution of the agreement will boost the growth of the Scottish economy. "The signing of the agreement sets a successful example for public-private partnerships (PPP), and we'll help local governments and enterprises in China develop PPP projects more effectively," Dr. Lin Yu, general manager of SinoFortone, and Sir Richard Heygate, senior advisor for China Railway Group, commented.