Business Secretary Vince Cable this week launched the next step of government’s strategy to deliver economic growth, through greater international trade and overseas investment in the UK.
UKTI’s latest report, ‘Britain Open for Business’, sets out a five year investment and growth strategy, with useful guidelines that help to develop and encourage international investment in the UK.
“We’re announcing practical help for UK companies to ensure they win business overseas,” said Business Secretary Vince Cable. “We’re also setting out how we will actively attract inward investment to the UK with ambitious plans to target sovereign wealth funds and expand the global entrepreneur programme.”
The initiatives outlined in the report will help UK businesses take advantage of opportunities in emerging overseas markets by helping them to overcome regulatory and cultural barriers to international trade and allowing them easier access to finance and credit.
In the field of low carbon development, the report also gives details of support for UK automotive, with a commitment from UKTI to help the UK showcase its low carbon credentials through trade missions and overseas ministerial events, in order to win overseas business.
There were also plans for greater private and public sector partnering to allow the UK to capitalise on a mix of public and private sector expertise and demonstrate its key strengths in advanced manufacturing, professional and business services sectors.
According to the report, overseas investment projects in 2009-2010 helped to safeguard over 50,000 jobs and delivered almost £4billion of capital expenditure to the UK economy. However, over the next five years, government aims to boost these figures with plans to create innovation ‘hubs’ across the UK and a pipeline of R&D-intensive overseas projects to bolster economic growth.
To find out how SMMT is working with UKTI to promote international trade for UK businesses, click here.