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Europe goes shopping for business

Monday, October 14, 2013 - 02:11

Oct 14 - Britain's Finance Minister is in China and France's President is in Africa. Both are trying to drum up business outside Europe. Hayley Platt asks what role emerging markets will play as Europe's key economies attempt to create sustainable growth?

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London's flamboyant Mayor is popular in China. But Boris Johnson's mission isn't to buy up Beijing - he wants Beijing to buy up London. SOUNDBITE: Boris Johnson, London's major, saying (English): "The Chinese's interest in London is always very great and we're keen to encourage that and we're talking to people about things they want to invest in our city. Last year Chinese tourists spent more than $100 bln on global travel. And each UK visitor from China spent an average of almost £1,700 - that's three times the global rate. But France still attracts at least 25 percent more. Britain's trying to address that by changing the visa restrictions. The UK's Finance Minister told students Chinese tourists will now be able to travel under the same single visa used by other European Union nations. It was one of a series of announcements aimed at boosting business ties with China. (SOUNDBITE)(English) BRITISH CHANCELLOR OF THE EXCHEQUER GEORGE OSBORNE SAYING: "There are some in the west who see China growing and they are nervous. They think the world as a cake. And the bigger the slice China takes, the smaller the slice they would get. I totally and utterly reject this pessimistic view. If we make the whole cake bigger, then all our peoples would benefit." Europe's key economies see emerging nations as key to fuelling growth. The French President Francois Hollande is currently in South Africa on a similar business mission But Angus Campbell from FXPro says emerging markets won't solve all Europe's problems. SOUNDBITE: Angus Campbell, Market Analyst, FXPro, saying (English): "I don't think it's going to cause a huge growth spurt across Europe but it's certainly going to help in proving relations with these emerging economies and with any luck in the longer term improve business relationships as well." Hollande will take part in an Africa-France Business Forum. He's due to sign agreements to increase co-operation in several sectors including energy, agriculture and transport infrastructure. With France's economy playing catch up with others in Europe he needs all the help he can get.

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Europe goes shopping for business

Monday, October 14, 2013 - 02:11