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UK Trade and Investment

Volume 684: debated on Thursday 20 July 2006

My right honourable friend the Secretary of State for Trade and Industry (Alistair Darling) has made the following Written Ministerial Statement.

UK Trade & Investment (UKTI) launched today its new five-year strategy entitled Prosperity in a Changing World. This strategy sets out how UKTI will respond to the enhanced role envisaged in the Budget.

The new strategy describes how UKTI will take the lead to maximise the UK's ability to attract foreign direct investment, win market share in the new high growth economies and help business internationalise in a globalised world. It will lead government efforts to:

market the UK overseas as a key business partner and as the preferred location for inward investment;

boost UK trade with, and secure investment from, emerging economies such as China and India;

promote the UK's financial services sector and the City of London as the world's leading international financial centre;

lobby overseas on regulatory issues and barriers to trade and investment; and

target innovative R&D-intensive companies both for inward investment and as potential exporters.

It outlines plans for UKTI to reform itself to become a more streamlined, entrepreneurial organisation, focusing on the ever-changing needs of its clients. UKTI will spearhead a more professional approach to marketing the strengths of the UK economy. It will allocate resources to front-line services where they can be most effective in adding value to the UK economy.

I am arranging for copies of the UKTI five-year strategy to be placed in the Libraries of the House.