David Cameron is tasked to take on a role of leading a billion dollar investment initiative between China and the United Kingdom.
The former prime minister performed a key role in managing efforts to promote trade links with Beijing while he was still in Downing Street and Philip Hammond, the British Chancellor, embraced his new role at an official visit to China.
The BBC reported that Cameron is tasked take charge of the £750 million fund to improve roads, ports, and rail networks between China and its various trading partners.
The private fund is backed by the British government. However, it will not involve any money from the taxpayers. Its launch was revealed as part of a series of deals that are hailed by Chancellor Philip Hammond during his trade visit to China.
A spokesperson for Cameron said that the role of the former prime minister had been consulted already with the Advisory Committee on Business Appointments (Acoba), which is responsible for considering roles that are taken up by ex-ministers.
“David Cameron remains very proud of his work as prime minister launching the ‘Golden Era’ between the UK and China with President Xi, and strengthening the UK/China trade and investment relationship,” said the spokesperson.
“In an effort to build on that work out of office, he wishes to play a role in a new UK-China bilateral investment fund that will invest in innovative and sustainable growth opportunities in both the UK and China to create jobs and further boost trade links.
“Having now received official advice from Acoba, work is continuing on establishing the fund – including holding discussions with a number of financial institutions in the UK and China. There is still a lot of work to do.”
Commercial deals which are worth around £1.4 billion were revealed at the UK-China economic and financial dialogue in Beijing that was attended by Hammond.
The measures included expediting the concluding preparations for the London-Shanghai “stock connect” initiatives which will mean that investors in each country will be able to trade shares that are listed on the other’s stock exchange.
Hammond stated: “These successful talks are an example of global Britain at its best, demonstrating that we can work with our friends and partners across the world to support jobs, businesses and prosperity.
“This is testament to our strong and dynamic economy, and the world-class talent and expertise we have to offer. These talks show the UK is truly open for business and we look forward to continuing the golden era of UK-China relations.”