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INTERNATIONAL TRADE
EMBARKING ON A GLOBAL ADVENTURE
Global Lancashire has set its sights on powering its economy forward by improved engagement with international markets
Published at the end of last year, The Lancashire Internationalisation Strategy is an ambitious 10-year plan to drive exports, harness foreign direct investment (FDI), capital investments and innovation, and to develop the visitor economy.
The underpinning belief is that Lancashire’s exporters tend to be more resilient businesses and foreign-owned companies in the county are often more productive and pay higher wages.
The full 88-page strategy lays out in detail how the county can significantly grow its economy through a more proactive, targeted and integrated approach to international markets, and by promoting “dynamic investment opportunities” to global investors.
Among its key recommendations are that Lancashire promotes itself globally as a high-tech, multi-disciplinary and innovation-based testbed.
This is based on the county’s proliferation of world-class university R&D assets and industry- led centres of excellence, many of which, the strategy’s authors say, are directly aligned to the needs of several fast-growth sectors.
Examples cited include cyberspace and
telecoms, sustainable construction, green energy and cleantech, drones and future flight, 5G and private networks, digital health and medtech, agritech, and decarbonised transport.
The report’s five key areas of interest - described as the ‘pillars’ of the strategy - have been used to benchmark and assess how the county’s existing and emerging sector
Many small businesses
are still very eager to go global despite the bumpy journey and deserve further government support
strengths, key assets and resources relate to current global trends and anticipated international demand.
Many of the opportunities highlighted are directly linked to Lancashire’s core industrial sectors. These include aerospace and advanced manufacturing, energy and low carbon technologies, food production, tourism, and the digital industries.
In addition, the strategy identifies “global growth potential” in a range of emerging markets, such as cybersecurity and defence, future mobility, and health Innovation.
The document was published by the LEP and its chair, Debbie Francis, said: “This document is the first deep dive we’ve done into Lancashire’s global economic capacity and capabilities for many years. But as well as a thorough assessment of where the county is now, both in a post-Covid and post-Brexit context, what’s really exciting is the roadmap it sets out for Lancashire’s future internationally.
“That includes the international opportunities being driven by both our traditional industrial strengths and through numerous emerging markets, together with our growing cluster of word-class R&D assets and in-demand, cross- cutting technology specialisms.
“When you also consider that UK businesses who export tend to thrive far more than those who don’t, and foreign companies who locate here are generally more productive, more innovative, and pay higher wages, you can see how becoming more globally engaged could help us rapidly scale-up many sections of Lancashire’s economy.”
While Lancashire looks to put its strategy into action, the government says removing obstacles to UK companies selling their products around
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