Here’s what you need to know
International Trade Secretary Dr Liam Fox will today (Thursday 17 May) launch a new drive to attract foreign investment into the UK at a meeting of the Board of Trade in Stirling.
The Department for International Trade (DIT) is promoting 68 UK investment projects worth more than £30 billion to overseas investors. Dr Fox will also extend the highly successful High Potential Opportunities scheme, piloted in Doncaster’s rail industry, Telford’s agri-tech sector, and Greater Manchester’s innovative graphene-based lightweight materials sector to new industries and parts of the UK.
Dr Liam Fox, International Trade Secretary and President of the Board of Trade, said: “This is a bold and ambitious programme, building on the UK’s position as the leading destination for foreign investment in Europe through the government’s modern Industrial Strategy, helping to build a Britain fit for the future.
“The High Potential Opportunities scheme will deliver growth where it is most needed, ensuring that the benefits of global investment are felt in every part of the country.
“And with more than £30 billion worth of new opportunities, my international economic department’s overseas network is working hard to attract top investors to the UK.”
DIT works directly with companies in 177 cities in 108 countries around the world. Last year, DIT helped attract 2,265 investment projects which created or safeguarded 108,000 jobs in the UK.
The 68 projects worth more than £30 billion, with more to be added over the coming months, will also be promoted through a revamped online one stop shop for potential investors: invest.great.gov.uk.
The extended High Potential Opportunities scheme is now taking applications from business organisations, Local Enterprise Partnerships and councils from across England, Scotland, Wales and Northern Ireland. In the first phase, more than 20 new sectors and areas of the UK will benefit from a boost in investment – creating new jobs and securing the UK’s prosperity.
Carolyn Fairbairn, CBI Director-General, said:
“The UK has a strong standing when it comes to attracting investment to these shores. That investment leads to real, tangible benefits for people and communities – more jobs, prosperity and choice.
“The International Trade Department’s drive to attract billions of pounds worth of investment to projects in each corner of the country is warmly welcomed by firms.
“The new online catalogue of British projects for global investors to find and research will also be a vital tool to attracting even more capital to the UK, enabling the benefits of free trade and investment to flow into our communities.”
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