Calls made for more Australian investment in the UK

Australian business leaders have been urged to increase their trade ties with the UK.

The call was made on a trade trip to Australia led by Sir Andrew Cahn, the Chief Executive of UK Trade & Investment (UKTI).

The focus of the trip reflected the broader programme adopted by the UK Government for a private sector-led recovery, including through a reduction in corporate taxes and a focus on strengthening inward investment.

Australia is already the sixth largest major investor in the UK, while the UK is Australia’s second largest investor.

Last year, London was home to the headquarters of one third of the world’s largest companies, while most of Australia’s Global 100 have offices in the capital.

But Sir Cahn believes more can be done to increase investment from businesses down under.

He said: “Britain is a strong competitor in the global investments race. In Australia, you have many choices of where to place your investments, especially with the rise of emerging Asian markets, and now is an ideal time to show just how attractive an investment hub Britain is.

“The UK is at the centre of the timezones and the centre of so many global industries. It is the perfect place to look for new ideas and partnerships that will drive your Australian company to a higher level of international growth and new business opportunities on the world stage.”

Sir Cahn, who last visited Australia in 2006, encouraged business leaders in Australia to seek opportunities in the UK, and move away from focussing on the financial services sector.

He said: “Investors should not limit themselves to this one area as Britain are also leading the world in aspects such as green technology and our carbon trading programs as well as our technology, education and scientific research. I believe that green technology is of particular interest to Australian investors.”

Copyright © Press Association 2010