Monday, 22 Apr 2013
Britain open for business – UKTI’s five year strategy
UKTI’s new strategy, Britain open for business, is at the heart of the UK Government’s drive to promote growth through trade and investment. Launched in May 2011, it sets out plans to provide practical support to exporters and inward investors over the next five years. The strategy lays out four pathways to balanced growth:
1. Targeting services at innovative and high growth SMEs to encourage more companies to export, and help existing exporters reach more high growth and emerging markets.
2. Winning high value opportunities in overseas markets for UK businesses of all sizes.
3. Delivering high quality inward investment, with a drive to market large British infrastructure and regeneration projects to foreign investors.
4. Building strategic relationships at the highest levels with the most significant inward investors, including overseas institutions such as Sovereign Wealth Funds, and with the UK’s top exporters and major overseas buyers.
These pathways will help to develop new ways of relating to businesses, and will include a new online peer-to-peer software for UK exporters. There will also be a renewed focus on partnerships with the private sector to boost productivity and improve performance.
View Trade & Investment Minister Lord Green’s speech at the UKTI Strategy and FCO Charter Launch in the video above.
The FCO’s Charter for Business
The Foreign and Commonwealth Office’s seven point Charter for Business complements the UKTI Strategy and emphasises the Government’s joined-up approach to growth. It outlines how the FCO’s activities will help to support British businesses, in partnership with UKTI and other Government departments.
Background to the UKTI Strategy and FCO Charter
UKTI’s new strategy and FCO’s Charter for Business are the next steps in a process laid down by Trade and Investment for Growth, a White Paper published in February 2011. The paper set out the Government’s strategy to rebalance the economy through an ambitious framework for trade and investment. The government’s rational for trade and investment support is also laid out in a new BIS economics paper – International Trade & Investment : The Economic Rationale for Government Support
Stakeholder comments on Britain open for business
"Britain’s recovery and long-term economic prosperity depend on improving our international trading position, and so we welcome these measures to put trade, investment and growth at the heart of UK foreign policy. Alongside attracting inward investment, UK companies, particularly small and medium-sized firms, must be encouraged to sell more goods and services overseas. The focus on trade promotion for SMEs will be crucial in to connecting smaller businesses with opportunities in the global marketplace." David Frost, Director General of the British Chambers of Commerce
"The Federation of Small Businesses (FSB) welcomes the strategy from UKTI and seven point charter from the FCO as they address many of the issues that small businesses face when exporting and will go some way to encouraging new firms to enter the export arena. Almost a quarter of FSB members currently export, and a further 12 per cent would consider exporting in the future. For many small firms, the challenges of finding customers and the red tape around doing business abroad is a major concern and today’s announcement will help small businesses lead an export led recovery." John Walker, National Chairman, Federation of Small Businesses