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EX-10.23.1 - Consulting Agreement as of January 18, 2001 between Eurotech, Ltd.
             and Davis Manafort, Inc.

                              CONSULTING AGREEMENT

This Agreement (the "Agreement") is entered into on January 18, 2001 between
Davis Manafort, Inc. ("DM") and Eurotech ("Client").

The parties hereto agree as follows:

         1. ENGAGEMENT: Client hereby engages DM and DM hereby agrees to hold
itself available to render general strategic consulting services to Client as
set out in the attached outline pursuant to the terms and conditions hereinafter
set forth.

         2. TERM. The term of this Agreement shall begin as the execution of
this Agreement and shall continue in force for a term of each year. At the 6
month anniversary date of this Agreement, Client has the option to terminate the
relationship with no further financial requirements. If the option is not
exercised, the Agreement will continue to its fullest term. Upon exercise of the
option, Client shall pay all remaining fees and expenses immediately.

         3. COMPENSATION.

                   a.  As compensation for general strategic consulting services
                       rendered by DM under this Agreement, the Client shall pay
                       DM an annual fee in the amount of $300,000 which shall be
                       paid in four (4) equal installments on a quarterly basis.
                       The first payment is due upon execution of this Agreement
                       and each subsequent payment shall be made in full on the
                       quarterly anniversary date.
                   b.  It is agreed that DM is an independent contractor and
                       accordingly, compensation shall be payable without
                       deduction, including no deduction for federal income,
                       social security, or state income taxes.

         4. EXPENSES: DM shall be reimbursed by the Client for all reasonable
business expenses which were incurred by DM during the performance of its
services hereunder, provided, any such reimbursement in excess of $1,000 in any
month, shall require the Client's prior approval. The Client's obligation to
reimburse DM pursuant to this subparagraph shall be subject to the presentation
to the Client by DM of an itemized account of such expenditures, together with
supporting vouchers.

         5. SCOPE OF SERVICES: DM shall hold itself available to render, and
shall render at the request of the Client from time to time, consulting services
for the Client. It is hereby acknowledged that DM's services shall be
non-exclusive and performed at such places and at such times as are reasonably
convenient to DM. If special or specific assignments are requested of DM by the
Client, the scope of such services and the compensation therefore must be
mutually agreed to by DM and the Client before the commencement of such services
each month.

         6. CLIENT'S RESPONSIBILITY: The Client is responsible for the accuracy,
completeness, and propriety of the information it provides to DM concerning the
Client. The Client agrees to indemnify and hold harmless DM, its affiliates and
their respective OFFICERS, DIRECTORS, employees, agents and controlling persons
(collectively, the "Indemnified Parties"), from and against any losses, claims,
damages, liabilities and expenses, joint and several related to or arising in
any manner -out of any services rendered to the Client under this Agreement (the
"Services")



<PAGE>
EX-10.23.1 - Consulting Agreement as of January 18, 2001 between Eurotech, Ltd.
             and Davis Manafort, Inc.

         7. GOVERNING LAW: THIS Agreement shall be governed by the laws of the
Commonwealth of Virginia both as to interpretation and performance. IN WITNESS
WHEREOF, the Parties hereto, by their respective and duly authorized officers,
have hereunto set their names as of the date first above written:

                                       Davis Manafort 211
                                       North Union Street
                                       Suite 250 Alexandria,
                                       VA 22314 Tel: 703-299-9100


                                       By: /s/ Paul J. Manafort
                                          -----------------------------------
                                          Paul J. Manafort








                                       Eurotech
                                       10306 Eaton Place
                                       Suite 220
                                       Fairfax, Virginia 22033




                                       By: /s/ Don V. Hahnfeldt
                                          -----------------------------------
                                          Don V. Hahnfeldt
                                          President and Chief Executive Officer



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<PAGE>
EX-10.23.1 - Consulting Agreement as of January 18, 2001 between Eurotech, Ltd.
             and Davis Manafort, Inc.


                                Scope Of Services

         General representation shall include

         1.       Development of a Washington strategy to assist in the
                  approvals required to register Eurotech technology and
                  products with the US Government, in general, and the
                  Department of Energy, in particular.
         2.       This strategy shall incorporate such elements as advice and
                  counsel on working within the US Government, marketing,
                  assisting in development of responses to governmental RFPs,
                  introductions to key policy-makers and such other assistance
                  as will benefit the company's business development, image,
                  name recognition and general goodwill:
         3.       Assistance in the development of promotional material for both
                  the media and Government.
         4.       Assistance in identifying potential Advisory Committee members
                  who can lend their credentials to the reputation of Eurotech
         5.       General advice, as requested by management, to assist in the
                  general well-being of the Company.

         It is understood that from time to time, management may request advice
         on other product lines of the family of companies. It is understood
         that DavisManafort will provide general counsel to such requests.

         Finally, it is anticipated that DavisManafort may be called upon to
         assist in the raising of additional capital from the equity and debt
         markets. Beyond general advice, DavisManafort is prepared to assist in
         packaging and raising such requirements and it is understood that such
         assistance will be incorporated into an additional contractual
         relationship.


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