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The Rt. Hon. Patricia HewittLeading Edge ICT Seminar |
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Thank you for that introduction, Ambassador. I'm delighted to be here at Invest UK's ICT seminar in Shanghai today. And to be sharing a platform with Sir Robin Saxby (Chairman ARM), Sir David Brown (Chairman, Motorola UK) and Sir Chris Gent (Chairman, Vodafone). Chris and Robin both appeared in Time Magazine's "world's top 25 digital players" just a couple of weeks ago. I'm delighted they're here to promote British excellence in ICT – they really do represent the best of British. Today I want to talk about the huge opportunities for our countries to work closer together. Our nations have great and proud histories. Together, our creativity, our innovation, our courage have set the pace in world economic development for centuries. China invented paper, printing and blast furnaces for smelting iron. Britain invented the computer, television, the internet. And now we are on verge of a new revolution. Information and communication industries transforming the way we live, work and do business. Britain and China, together, have a chance to once again set the pace for the world. Building on our strengths – the best of old and the best of new - and China's new openness and participation in the global economy. China's recent economic transformation – domestically and internationally – has been outstanding. The number of British business figures out here this week pays testament to this. Digby Jones, Sir John Egan, the Lord Mayor of London and Sir Harry Kroto – the Nobel prize winner for his work on nanotechnology - have all been here this week. As well, as Pascal Lamy. Chinese GDP grew by 7.8% in the second quarter of 2002 alone. And since my last visit here to Shanghai a year and a half ago, I have personally seen the most extraordinary change. Perhaps most significant though is China's new openness to the rest of the world. Particularly since her accession to the WTO. We are now working together as partners in the WTO, taking forward the Doha Development Agenda. China's activity in the global economy presents the world with challenges and opportunities – particularly us in Britain. Challenges because, on the one hand, some of our more labour intensive industries, like textiles in my constituency, will have to become ever more productive if they are to compete with low cost Chinese producers. And we will increasingly find our future lies in more technical textile production, rather than cotton T-shirts. But, on the other hand, this is where our skills lie – in high value added, high skilled, knowledge intensive operations. So we also have a huge opportunity to benefit - as China develops outwards, moves into new markets and embraces new technologies – to offer our unique skills and expertise, which are so in evidence here today. We are the best place in Europe to do business. This is not just rhetoric. The statistics prove it. We attract almost a quarter of all investment into the EU. Twice as much from the US as our closest European competitor. Around 40% of all Japanese investment in Europe. I think there are three main strengths Britain has to offer inward investors: First, macro-economic stability - the crucial foundation for business success. We have the lowest inflation and interest rates in 40 years. In 2001, we experienced the fastest growth in the G7. Second, our position in the EU – providing an excellent gateway into Europe. The EU already offers a customer base of almost 400 million. After enlargement, this will be almost 500 million. Third, British scientists, innovators, managers and leaders are the best in the world. With 1% of the world's population, we fund 5% of the world's science; produce 8% of all the world's scientific papers; and get 9% of scientific citations. Our skills in research, software, marketing and design are the best in the world. And we are well ahead in areas like mobile communications and digital TV – and in areas like semiconductor design. All areas strongly represented here today. And it is these skills which I know are particularly relevant to you – because these are the skills that are driving the new information and communication technology industries. And Britain really is excelling in them. Which is why world leaders such as Intel, CISCO and Exodux have all invested in Britain. Bill Gates has called the UK;the best place in the world to do E business. Ralph Averbuch, UK producer of Yahoo, has called the UK "…by far the most mature on-line market in Europe". We have the most developed and largest market in ICT in Europe – one of the most connected economies in the world. We transact more than £57 billion of sales over the internet. This is on a par with the USA and Canada - and way ahead of countries like Germany and Sweden. "We are English speaking – the language of the internet; have high level management skills; a good business infrastructure; flexible labour market; stable politics and excellent tax regime. And so this is why I say to you, if you are looking to invest in Europe, particularly in ICT, invest in Britain. Our two countries – with our great histories and our tremendous strengths – are natural partners. Many Chinese businesses are now making significant early investments into Britain. There are around 120 companies from mainland China investing in Britain - up from just 50 three years ago. Legend has positioned their European Marketing HQ in Slough. And Xinao has opened their European Liaison and Purchasing office in the North East. ZTE Corporation – China's largest listed telecoms manufacturer is now focussing on the European market. Their Chairman, Zhang Taifeng,described Britain as the "natural gateway into Europe". The Shanghai Foreign Investment Development Board has opened an office in London – providing advice for Shanghai companies looking to invest in the UK. And I know Mr Lui Jinping, the Vice President, will be speaking to you later today. So we've already got the fruits of a really strong relationship between us. And I hope that through all that Britain has to offer you – our economic stability; our position in Europe; and, in particular, our scientific excellence, creativity and innovation – allows us to build on this. China is key to our efforts. We now have six full time staff in China - from none just three years ago. Leading Edge has been the largest and most wide-ranging UK promotion we have carried out anywhere in the world this year. So we want to build up our relationship. And I look forward to working with all of you as we take the next steps forward together – the best of old, the best of new - in partnership, meeting the challenges of the global economy. |
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Other speeches by The Rt. Hon. Patricia Hewitt
(the following are available from the archive) |
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