By Caribbean News Global
LONDON, England – On Monday, prime minister Boris Johnson announced a major addition to the UK government’s ability to attract foreign investment, in the form of a newly established Office for Investment.
The announcement follows the second round of the High Potential Opportunities programme, and the cohort of Investment Champions for the Northern Powerhouse revealed last month. Both measures have been designed to help level up the UK and identify key investable opportunities in all corners of the UK.
International Trade Secretary, Liz Truss said: “Now is the time to be bold and ambitious in how we trade with partners around the world. Our more strategic approach to inward investment will help level up the UK, creating more jobs and prosperity across the country. The office will build our reputation as a world leader in industries of the future such as tech, services, advanced manufacturing and clean growth.”
“The new office will support the landing of high-value investment opportunities into the UK which align with key government priorities, such as reaching net-zero, investment in infrastructure and advancing research and development,” as reported by Department for International Trade, Lord Grimstone of Boscobel Kt, The Rt Hon Boris Johnson MP, and The Rt Hon Elizabeth Truss MP. “Its creation comes in response to the government’s extensive engagement with investors, who have indicated that as global competition intensifies, a more structured approach will better support existing investors and land high-value, high-impact investment. In turn, this will help maximise the positive role investment plays in the UK economy.”
The newly launched Office for Investment is expected to connect public and private sector expertise while ensuring high and rigorous standards of scrutiny and security, will be “staffed by highly experienced individuals with both the private sector and cross-government experience. The office will be based in the Department for International Trade (DIT) with minister for investment Gerry Grimstone leading its work in close partnership with No10, under the sponsorship of the prime minister and Chancellor of the Exchequer.”
The most strategic investments are often the most complex and require a joined-up approach across government and the private sector. The office for Investment will look to resolve potential barriers to landing these ‘top tier’ investments, including regulatory constraints and planning issues.
Driving inward investment into all corners of the UK through a ‘single front door’ and boosting economic recovery across the country, this major operational transformation is designed to ensure the UK is the most attractive destination in the world to invest.
It will also ensure the UK is well-positioned to maximise the benefits that flow from free trade agreements with international partners, like that, recently signed with Japan, one of the UK’s largest foreign investors.
Minister for Investment, Gerry Grimstone said: “If we are to build back better from this pandemic, we need to refocus and re-double our efforts to attract foreign investment, which will increase productivity, economic growth across the country, boost our exports and better our research and development environment. We must sharpen our priorities and transform our investment offer accordingly to meet the demands of a changing global economic outlook – whether that be in greener or increased digitally-led opportunities. The office for Investment will make it easier for international investors by bringing the very best of the UK directly to them.”