INWARD INVESTMENT

Nick believes it is vital for the UK to remain the number-one destination in Europe for foreign direct investment, and the second biggest globally, despite strong challenges from France and Germany. He says the fi rst element of maintaining that position is what the Government has done to make the UK an even more attractive environment for inward investors. “Company tax is being lowered, we are reducing regulation on business and the tax system is being used to encourage research and development,” he states. “Regional grant funding is available for domestic companies and also for foreign investors. We are seeking to simplify the planning system. So the policy structure is being improved.” Nick claims UK Trade & Investment will

be more proactive than ever before in this area. “We are going to systematically scan the private-sector horizon in key potential inward investment companies,” he says, “and identify fi rms who are a good fi t but do not yet invest in the UK

economy. We will then encourage them to do so.”

In addition, a client account- management approach, both for existing and new inward investment customers, will be implemented. This will take a company right through the various steps needed to land an investment, including taxation, regulatory and planning issues, and access to grant funding. Nick is confi dent that the London 2012 Olympic and Paralympic Games will be a catalyst for inward investment. “I don’t think you can exaggerate the importance of the Games,” he says. “The Olympics, along with the Queen’s Diamond Jubilee, mean that the eyes of the world will be on the UK for several months over the summer of 2012. “What we are going to do in terms

of promoting the surrounding business opportunities is run what we are calling a British Business Embassy, which will showcase UK excellence in different industry sectors on every single day of the Olympics.”

The showcase will be worldwide, using embassies to support the initiative. “It won’t just be about broad showcasing,” says Nick. “It will be about specifi c contracts and projects too, with producer and customer meetings being arranged. We are also organising a big global investor conference, led by the Prime Minister.” The Olympics will be used to promote the UK as the premier deliverer of major sporting occasions worldwide. “The 2014 FIFA World Cup in Brazil and the 2016 Olympics in Rio are a combined $50bn opportunity,” says Nick. “There are also the Winter Olympics in Russia and the 2022 FIFA World Cup in Qatar. Our companies are already very engaged in these events as they are huge multi- sector opportunities.

“During the Olympics and beyond we will be running our major promotional campaign about putting the GREAT back into Britain. This will globally showcase the excellence of the UK in the range of sectors we are active and have competitive advantage in.” ■

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