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Further support announced to help British companies compete on the global stage

June 22, 2011 2:55 PM

Business Secretary Vince Cable, Foreign Secretary William Hague and Trade and Investment Minister Lord Green today launched a new cross-government focus on trade and investment to help the British economy grow.

The UK Trade & Investment (UKTI) Strategy and the Foreign and Commonwealth Office (FCO) seven-point Charter demonstrate the Government's dedication to supporting international business, championing UK business overseas and attracting investors to the country.

They form a core plank of the Government's Plan for Growth, and recognise the fact that a new focus on business is needed if the UK is to remain economically competitive in the years to come.

The strategy will see UKTI adopt a more entrepreneurial approach to deliver growth. As part of this UKTI will actively seek out overseas investors, help UK companies expand into overseas markets and work more closely with key British companies. Examples of this approach include:

Establishing a new private sector delivery partner with the incentive to attract and retain high value investments.Expanding the Global Entrepreneur Programme (GEP) to win more investment to the UK.

Business Secretary Vince Cable said:

"We're rightly proud of British firms and making sure they can increase their exports to a worldwide audience is vital if we are to rebuild our economy. We also know the UK already has a great reputation as a place to do business and we want to do all we can to make sure foreign investors come here.

"Today, we're announcing practical help for UK companies to ensure they win business overseas. And we're 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 documents launched today reinforce the Government's desire to place the nation's commercial interests at the heart of its foreign policy. Both were developed in consultation with industry leaders and signal that Britain is, and remains, 'open for business'.

Trade and Investment for Growth, a White Paper published in February, set out the Government's plans to rebalance the economy through an ambitious framework for trade and investment. UKTI's Strategy and FCO's Charter are the next step in this process.

The Government is now looking in more detail at how it works with businesses, especially small and medium-sized enterprises (SMEs), and what action can be taken to make this more effective.

The UKTI Strategy signals how the Department intends to become more entrepreneurial in focus by:

  • Bringing more private sector expertise into its relationship with exporters and inward investors
  • Developing new partnerships with key businesses which support SMEs, and using their networks to raise awareness of the benefits of exporting.
  • Creating a new online self-help community for UK SME exporters, so that they can support each other and share experience as they seek to internationalise their businesses. This new development will also provide a continuous feedback loop so that customers can tell us what they think of UKTI.
  • Establishing a new Strategy Task Force, with members drawn from the most innovative UK-based companies, to inform the future direction of both UKTI and ECGD,

These actions will help to develop new ways of relating to businesses, with a renewed focus on partnerships with the private sector to boost productivity and improve performance.

The FCO Charter will focus on using FCO resources to meet the needs of British business. It is part of the FCO's work to drive lasting prosperity for the UK, setting out the specific contribution that the FCO will make to support business across the world. Embassies and High Commissions overseas will continue to champion the UK as an excellent place to invest and do business.

The FCO Charter, together with UKTI's Strategy, will be available to UK businesses from today to demonstrate the support available to them and where they can access this to boost their work internationally.