London, Dec 16 (IANS) Former British Prime Minister David Cameron is helping to set up up a new 750 million pounds UK-China investment fund aimed at forging closer ties between the two countries, the media reported.
Cameron will become vice chairman of the new private equity fund after being approached for the role by Lord Chadlington, a friend and former Tory donor, the Telegraph reported on Saturday.
The UK-China Fund will help British and Chinese businesses in sectors such as technology, healthcare and infrastructure, expand into each others' countries. It will also help firms to overcome hurdles such as cultural differences and regulations in the two countries.
The announcement came as the British government prepared to set out details of an agreement between British and Chinese ministers on forging closer economic ties, following a trip to the country by Chancellor Philip Hammond.
Cameron's role will include identifying businesses that could benefit from investment and commercial advice from the fund's management team, and setting up talks between the UK and Chinese governments - although advice from the official Advisory Committee on Business Appointments will prevent him from engaging in lobbying.
A spokesman for Cameron said: "David Cameron remains very proud of his work as Prime Minister launching the 'Golden Era' between the UK and China with President Xi Jinping and strengthening the UK-China trade and investment relationship."
"In an effort to build on that work out of office, he wishes to play a role in a new UK-China bi-lateral investment fund that will invest in innovative and sustainable growth opportunities in both the countries to create jobs and further boost trade links," the spokesman said.