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Rt. Hon. Richard Caborn - Former Minister for Trade (Jul 1999 - Jun 2000)Launch of the Invest in Britian Bureau Annual Review |
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Good morning - and welcome to the Department of Trade and Industry and to the Invest in Britain Annual Review. The inward investment figures that Andrew Fraser will present shortly show a remarkable performance last financial year. The investment by so many companies across so many sectors demonstrates global confidence in our economic and business environment. International investors can locate their operations anywhere in the world. They choose Britain because of the British people's creativity and inventiveness. They know that our workforce is flexible and adaptable, and that we enjoy good labour relations. They value our low tax base. They appreciate the Government's commitment to lasting economic stability and driving the economic reform agenda in Europe. They invest in Britain because they know that Britain invests in Britain - in world-class R&D facilities as well as life-long learning for our workforce. Companies come here with the intention of staying for the long term. And they continue to invest and grow because of their confidence in the UK's business environment. Above all they're looking for long term economic stability. That is why the UK government has been single minded in putting economic stability at the top of its agenda. We have established economic stability and confidence. Kept inflation and interest rates under control. Put an end to boom and bust. Put public finances on a sound footing. As today's figures show, our management of the economy is delivering jobs, delivering investment. Economic stability is crucial in today's global, knowledge driven economy. The main characteristic of the modern economy is rapid change. Driven by globalisation, technology and innovation. This new economy has as its cornerstones knowledge, skills, innovation and enterprise. The successful economies of the future will excel at generating and disseminating knowledge and exploiting it commercially. That's why our aim is to create a dynamic knowledge driven economy here in the UK. Today's figures show that we are succeeding in attracting knowledge based companies. They come here attracted by our skills, our science base and our favourable business environment. Their presence here and their influence on UK owned companies is helping to create the leading knowledge economy in Europe. But we cannot rest on our laurels. UK inward investment - along with that in the rest of Western Europe - is dependent on many factors outside our control such as economic and business conditions in different markets. With the pace of global change now reaching breakneck speed, the UK will need to build on its international business reputation as the business centre of Europe - the place to be for leading edge, global businesses. The Government is committed to that task - ensuring that the skills of our workforce meet the existing and future needs of industry; helping to build the infrastructure of the knowledge driven economy; creating the best place in the world for electronic trading. At the same time we are committed to creating a modern regulatory framework. One that is not over-burdensome for business, but is nonetheless effective, that drives innovation and competition and encourages growth and productivity. We are also improving our help for exporters - many of which are foreign owned - with the new Trade Partners UK network, which is helping more firms win international business. And it was announced at the end of May that the Invest In Britain Bureau would move alongside Trade Partners within British trade International. This builds on existing synergies and creates new opportunities to project a single focus for promoting Britains commercial interests worldwide. At the heart of the success we are reporting today is the close working partnership between all the organisations working to bring investment into the UK. We share a common goal . By working together the UK will continue to be the first choice for the world's leading and growing companies. I congratulate IBB and its UK development agency partners for their contribution to our continuing success in attracting inward investment into the UK. |
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Other speeches by Rt. Hon. Richard Caborn - Former Minister for Trade (Jul 1999 - Jun 2000) |
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