8GT and the Jiangsu Industrial Technology Research Institute (JITRI) agree to create a RMB1bn (£110m) fund to invest specifically into UK tech companies’ growth with partners in the Jiangsu Region of China.
MOU signed by Lord David Willetts, Chairman of 8GT and Professor LIU Qing, President of JITRI, witnessed by The Rt Hon Dr Liam Fox, Secretary of State, Mr HU Yidong, Deputy President of JITRI and Malcolm Glaister, CEO of 8GT.
8GT and JITRI later met with Dr WAN Qin, Director General of Jiangsu Science and Technology Department.
JITRI was established in December 2013 by the Jiangsu Provincial Government, to help large organisations and small and medium-sized enterprises utilise state of the art technology to enhance their competitiveness in Jiangsu.
JITRI is supported and organized by Jiangsu provincial government. It is chartered with the crucial role to promote and support the industrial technology research and commercialization of the advanced technologies that may significantly impact the economic development of Jiangsu Province.
JITRI focuses on bridging the gap between fundamental technology research and their commercialization by taking on industrial technology researches where industries are incapable of, universities are unwilling to, and the government is unable to do. It further focuses on researches that serve the needs stemming from economic structure transformation and the purposes of industrial innovation and market-oriented product development.