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Foreign Investment

Volume 401: debated on Wednesday 19 March 2003

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To ask the Chancellor of the Exchequer what steps has he taken to increase the level of UK private investment in less developed countries. [103522]

The Chancellor has supported a range of initiatives to encourage foreign direct investment in developing countries. These include supporting the creation of new Investment Advisory Councils in developing countries which bring together public and private sectors together build a consensus, in the light of regional conditions, on how to secure higher levels of investment.Additionally, the UK government provides funding through DfID for a joint project between the Commonwealth Business Council (CBC) and New Partnership for African Development (NEPAD). The project aims to encourage the private sector to work with the NEPAD programme of action, and stimulate the increased domestic and foreign investment required for NEPAD to succeed.

To ask the Chancellor of the Exchequer what representations he has received from (a) business groups and (b) development organisations regarding private investment in developing countries. [103523]

The Government views the creation of favourable business environments in developing countries as an important driver for growth and development. To this end Ministers regularly meet with a wide range of academics, business leaders and NGOs. Both the Chancellor and the Secretary of State for International Development recently addressed a government sponsored international conference on 'Financing Sustainable Development, Poverty Reduction and the Private Sector'.