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Business Olympics

Volume 552: debated on Thursday 8 November 2012

3. What assessment he has made of the effect of the business Olympics on exports and inward investment. (127298)

Over 4,000 business leaders and others attended 17 business summits at the British business embassy at Lancaster House. Every one was attended by a BIS Minister. I was very pleased to attend five, which were excellent events. We expect them to generate £1 billion of additional sales by UK companies, and £6 billion of direct investment over the next four years.

Wild Automotive, a great company in Redditch, has increased export sales by 73% over the past two years. What more help can this company and others in Worcestershire access to continue this great record of growth?

I congratulate that company on its performance. UK Trade & Investment is running export week in the next week, with more than 100 events throughout the UK, which is a great opportunity for businesses to get further advice about exporting. The automotive sector, of which the company in my hon. Friend’s constituency is an example, is now running its first balance of payments surplus since 1975.