LONDON, July 17 (Xinhua) -- The 11th China-UK Entrepreneurship Competition, an initiative designed to encourage and support new business ventures between China and Britain, was launched on Monday in London.
Firms in the competition will have a chance to win 5 million pounds (6.6 million U.S. dollars) investment from the China UK Enterprise Fund (CUEF).
The launch of the competition at Cocoon Networks, London attracted more than 100 guests from both academia and industry.
In the welcome session, Xiang Xiaowei, Minister Counsellor for Culture from Chinese Embassy in UK, reviewed the recent collaborations between China and UK in various areas, and said that more and more collaborative opportunities will be seen in future.
Vinod Tailor, Deputy Lieutenant of Bedfordshire, shared his experience in international trade and investment, encouraged more UK startups connecting with the China market via the platform of China UK Entrepreneurship Competition.
Xiong Yu, Chair of Technology and Operations Management at Newcastle Business School, said: "The initiative, which is becoming increasingly popular with universities, brings together businesses and student-led startups looking to develop commercial relationships and open up market opportunities through collaborations between China and the UK."