UK Business Secretary Vince Cable, Foreign Secretary William Hague and Trade and Investment Minister Lord Green have set out how they plan to make the UK one of the leading destinations for global investment.
The Ministers officially launched the new UK Trade & Investment (UKTI) Strategy and the Foreign and Commonwealth Office (FCO) Business Charter. These new plans demonstrate the Government’s commitment to supporting international business, supporting UK business overseas and attracting investors to the country.
Some of the measures of interest to the international business community include:
• Bringing more private sector expertise into the UK Government.
• Supporting institutional investors to win new business for large scale projects in the UK.
• Supporting a major international business programme during the Olympics.
• Getting Ministers to develop closer relationships with major investors and exporters.
• An ambition to attract a pipeline of up to 750 foreign direct investments every year.
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 announcement follows from a raft of measures announced in the Budget including cutting corporation tax to 23 per cent by 2014, offering investors the lowest tax rate in the G7. The UK has also introduced new ‘Entrepreneur visas’ making it easier for idea-generators and job-creators to establish their businesses in Britain.
This news comes at the time when the British Government has notified the Government of Barbados that it will be increasing Barbados’ status on offshore non-compliance by UK taxpayers from Category 3 to Category 2 status, with the presentation in due course of a revised UK Statutory Instrument. This follows the implementation of the Income Tax (Exchange of Information) Regulations 2011 by the Government of Barbados.
Hadford Howell, Head of UKTI in Barbados, commented: “This is an exciting time for UKTI as we expand our help to Small and Medium Enterprises in Barbados and the Eastern Caribbean.”
Speaking about the newly launched strategy, Business Secretary Vince Cable said: “The UK 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.”
Foreign Secretary William Hague said:
“The Charter for Business is part of our commitment to inject a new commercialism into the Foreign Office, using our international influence to help British businesses secure new trade opportunities.
“We will work tirelessly to champion UK business abroad and to help attract investment to the UK.
“Businesses will be able to capitalise on the FCO’s in-depth local expertise to identify opportunities.
Ministers will continue to build the strong bilateral political relationships needed to help business thrive, as well as working to influence trade policy internationally.
“Together with the Trade and Investment strategy, the Charter marks an important step in delivering commercial diplomacy and sets out a clear vision for how the government will deliver growth and prosperity for the UK.”
Trade and Investment Minister Lord Green said:
“The strategy we have developed builds on our successes to date but this is not business as usual by any means.
“As UKTI seeks to become more entrepreneurial, it will bring more private sector expertise into its relationship with exporters and inward investors and develop new partnerships with key businesses which support SMEs.
“Our plans will ensure that UKTI is well equipped to face the demands of the future, listening to the concerns of businesses so that we have an economic climate that benefits us all.”
UK trade and Investment fact file
• Companies tell UKTI that its support to exporters has helped them generate £6 billion of profit for the UK economy. This additional profit has helped generate more than 126,000 jobs in the UK.
• Last year, UKTI played a role in securing 759 investment projects, nearly half of the national total.
These projects helped generate more than 40,000 jobs.
• For every £1 spent, UKTI generates £22 for the UK economy.
• In October 2010, UKTI was named as the best Trade Promotion Organisation in the Developed World.
• Ninety per cent of UKTI’s customers are small and medium-sized businesses.
• UKTI has a network that extends to almost 100 overseas markets, which generate 98% of world GDP. It also has a presence in the UK regions and online at www.ukti.gov.uk.
they can invest in dominica as well
NOW they looking for trade? Since Thatcher they been relying on them crooks from the City Of London to run international finance market con schemes and make money appear from nowhere. Now they not producing nothing but hot air and go broke they want gear up trade ? Go tell them the Chinese took that over years ago.