BEIJING: In a big boost to China's arms industry, Turkey has indicated that it will go ahead with a deal to buy Chinese missiles — despite US objections — and the United Kingdom has opened doors for Chinese investors in its nuclear industry.
Turkey hinted that it is all set to opt for a $3.4 billion deal to acquire the Chinese FD-2000 missile defence system, prefering it over US or European systems. The move comes despite opposition from Turkey's Nato allies. Turkey has not yet confirmed the deal but expressed its preference for Chinese systems which Nato feels are not compatible with its own systems.
Istanbul is buying equipment from China Precision Machinery Import and Export Corp which is under US sanctions for violations of the Iran, North Korea and Syria Nonproliferation Act.
Meanwhile, British finance minister George Osborne who is on a visit to Beijing, has signed a memorandum of understanding with China allowing companies from both countries to invest in each other's nuclear power facilities. "While any initial Chinese stake in a nuclear power project is likely to be a minority stake, over time stakes in subsequent new power stations could be majority stakes," the UK treasury said in a statement.
UK is also expected to involve China General Nuclear Power Group along with French energy company EDF in a proposed project to rebuild an old nuclear power station. London said this week it was "extremely close" to finalizing a deal in which the French firm will be the main contractor.
UK's energy secretary Ed Davey said he expected investments in nuclear projects to flow from South Korea, China, Japan and France.
Turkey hinted that it is all set to opt for a $3.4 billion deal to acquire the Chinese FD-2000 missile defence system, prefering it over US or European systems. The move comes despite opposition from Turkey's Nato allies. Turkey has not yet confirmed the deal but expressed its preference for Chinese systems which Nato feels are not compatible with its own systems.
Istanbul is buying equipment from China Precision Machinery Import and Export Corp which is under US sanctions for violations of the Iran, North Korea and Syria Nonproliferation Act.
Meanwhile, British finance minister George Osborne who is on a visit to Beijing, has signed a memorandum of understanding with China allowing companies from both countries to invest in each other's nuclear power facilities. "While any initial Chinese stake in a nuclear power project is likely to be a minority stake, over time stakes in subsequent new power stations could be majority stakes," the UK treasury said in a statement.
UK is also expected to involve China General Nuclear Power Group along with French energy company EDF in a proposed project to rebuild an old nuclear power station. London said this week it was "extremely close" to finalizing a deal in which the French firm will be the main contractor.
UK's energy secretary Ed Davey said he expected investments in nuclear projects to flow from South Korea, China, Japan and France.
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