We are making great progress on supporting UK businesses to invest overseas, as this can have a substantial positive effect on the UK economy. The Department for International Trade has developed a suite of products and services that address market failures, to support British businesses.
What update can the Minister provide on his Department’s overseas direct investment pilots? Will he also explain what opportunities ODI offers to British businesses?
My Department’s ODI support pilots have successfully demonstrated the impact that the Government can have in supporting UK businesses to overcome barriers to market access and to expand overseas. By harnessing the private sector wherever possible and focusing Government interventions only on market failures, my Department has successfully supported overseas investment for a range of UK businesses in six global markets.