£10bn investment agreement between China and Scotland made public after claims it was 'kept quiet'
Scottish Labour said it was 'extraordinary' that Ms Sturgeon had not formally announced the deal
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Your support makes all the difference.An investment agreement with a Chinese consortium which could be worth £10bn to the Scottish economy has finally been published weeks after it was signed by Nicola Sturgeon, after opposition parties claimed it was being “kept quiet”.
The memorandum of understanding, which was signed on 21 March but not officially announced by the Scottish Government, outlines discussions held between the First Minister and representatives of two Chinese companies interested in developing and funding major infrastructure projects.
The document states that the two firms, Fortone and China Railway No. 3 Engineering Group, intend to work with Holyrood ministers to “develop a relationship that could lead to a program of investment into Scottish priority projects and infrastructure to the value of £10bn”.
Although the memorandum is not legally binding and does not commit either side to parting with money, Scottish Labour said it was “extraordinary” that Ms Sturgeon had not formally announced the deal, pointing out that the Scottish Government had issued press releases on beavers and dog fouling since it was signed.
“At a time of crisis for British steel the SNP must give a guarantee that, if they are returned to government, any future contract with Chinese firms will not bind Scotland to using Chinese steel for Scottish infrastructure projects,” said the party’s public services spokeswoman Jackie Baillie.
After the publication Labour said there were still a number of unanswered questions about the circumstances of the deal – which first emerged through the Chinese media – and is now calling for all documentation on the subject to be released.
A spokeswoman for Ms Sturgeon said she was “more than happy” for the information to be made public. “As the memorandum clearly shows, it is an agreement to have preliminary talks about potential opportunities for investment to support jobs and economic growth in Scotland. It does not relate to any specific projects or specific amount of investment, is not a binding legal agreement and does not commit any public funds,” she added.
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