LINKS - COBCOE

12
feature
Britain open for business -
Lord Green
Historically, trade and investment have always been
pivotal in defining and shaping the British economy.
It is vital to our national prosperity, drives innovation,
fosters collaboration and unlocks a plethora of opportunities.
Britain’s exporters and global investors are important to us,
which is why UKTI’s new strategy - Britain Open for Business
– is about delivering the practical support to help companies
succeed.
We only need to look at the figures to see that the case for
exporting is compelling. Independent research tells us that
exporters increase their productivity by nearly 35% in the
first year alone; they achieve stronger financial performance
and are more likely to stay in business. Yet, despite all the
advantages, not enough companies export. And only 28% of
those firms already exporting actually had an international
strategic plan, according to a survey published earlier this
year by Barclays Business and Kingston University.
Certainly, if we are to promote economic growth, we need
to begin by supporting SMEs. That means addressing the
challenges they face so that we can make the experience
smoother for existing and future exporters.
UKTI’s strategy, which was launched in May 2011, and
attended by many of its key stakeholders, aims to do exactly
this. Research shows that there is a virtuous cycle between
innovation and exporting. That is why we will be increasing
our drive to encourage more of our innovative and highgrowth
SMEs to trade overseas and help them - and existing
exporters - to pursue those markets that offer the most
lucrative opportunities.
UKTI already works closely with expert organisations such
as the UK-India Business Council and China-Britain Business
Council to foster business partnerships. The Government’s
appointment of high profile Business Ambassadors is also
helping to promote British exports to companies overseas.
I am also very pleased to note that UKTI is working closely
with COBCOE and its chamber members around Europe.
COBCOE plays an important role in promoting the cooperation
of national business organisations and driving
business interests. Some of the members of these chambers or
organisations may be new to the export game. UKTI is ready
and able to help such companies.
Even if a company is not sure whether it is ready to trade
overseas, UKTI’s Passport to Export programme will assess
its readiness for international business, develop its export
potential, and bring it to international trade capacity. And
once the initial homework has been done, UKTI can help
with the business of starting afresh in a new country through
its range of market visits and overseas missions.
Thanks to UKTI, thousands of companies are already
realising their potential and expanding globally. In 2009/10,
writes Lord Green
Minister of State for Trade & Investment
for example, UKTI helped almost 25,000 companies (of
which 90% were SMEs) to trade overseas - up from 20,700
the previous year. These firms tell independent assessors that
the support from UKTI helped them win an additional £5
billion in bottom line profits, representing over £35 billion in
estimated additional sales.
As well as helping companies to export successfully, we
also want to attract the best and the brightest to Britain.
Entrepreneurs and global companies are vital to the UK’s
economic growth, which is why we have introduced the
investors’ and entrepreneurs visa to help make it easier to set
up in the UK. We have also set up the Tech City Investment
Organisation – led by a team of entrepreneurs set up to help
drive technology-led investment, talent and innovation into
Tech City, the rapidly growing cluster of technology firms.
While Tech City is now home to one of the largest
concentrations of small, fast growing, digital technology firms
in Europe, further east in the Olympic Park is a wealth of
investment opportunities for overseas companies to tap into
- from new housing developments to regeneration projects.
We want to make the process of doing business in the UK
as easy as possible for global investors, which is why we are
introducing an enhanced bespoke service, including in-depth
market analysis and tailored business propositions to firms
interested in the UK market
Our Government wants the next decade to be the most
entrepreneurial and dynamic in Britain’s history. By helping
companies unlock their business potential - whether by
exporting or helping them to set up in the UK - we are one
step closer toward achieving this.
About Lord Green of Hurstpierpoint
Lord Green is UK Minister of State for Trade and
Investment and responsible for development and
implementation of cross-Government strategy for
trade and inward investment, UK Trade & Investment,
Export Credits Guarantee Department, oversight of new
Foreign & Commonwealth Office Commercial Director,
spokesman for the Government on trade and investment
issues in the House of Lords, accountable to the Business
Secretary and Foreign Secretary.
Lord Green took up his appointment after a 28-year
career with HSBC which culminated in his appointment
as Group Chairman of HSBC Holdings in 2006. He has
been Chairman of the British Bankers’ Association and
Chairman of the Prime Minister’s Business Council for
Britain. He has also served as a trustee of The British
Museum and an honorary trustee of Peking University.