Inventing our future Collective action for a sustainable economy

How do we get there?
Leadership, governance
and delivery
122
Increasing the regional presence in global value chains and markets
Competitive advantage increasingly depends on the ability of firms and
institutions to exploit networks and alliances across regions and nations.
This includes the ability to capture and absorb external knowledge,
information and innovation; attract key labour, mobile capital and
external finance and engage in inter-firm and inter-region strategic
alliances, collaborations and ventures.
There is a very strong correlation between the proportion and nature of
companies trading in national and international markets and the overall
performance of the regional economy. At the level of the firm, action is
needed to:
• increase the number of business leaders who recognise the benefits of
trading internationally
• equip firms with the knowledge and tools to operate in international
markets and value chains
• support businesses and universities in the developing international
alliances for R&D and open innovation
• attract foreign direct investment, which brings new employment and
also contributes a new stock of innovative processes, skills and
management practices that can help stimulate local economies and
supply chains
• provide intensive aftercare for incoming companies and embedding
them in local and regional communities and economies
• tailor skills programmes to meet the needs of firms trading in
international markets
• provide a supportive environment for companies seeking to expand
in the East of England, in particular, reducing risk through an effective
planning system.
Regional stakeholders, local authorities and the business community
will need to ensure effective arrangements are in place for coordinated
international activity. The region needs a coherent programme of
activity to:
• increase influence on European policy and realise greater access to
European funding streams
• further strengthen the international trade and investment offer, led
at regional level by East of England International, in close conjunction
with UK Trade & Investment – and integrated with sub-regional
international promotion activities
• develop targeted trade and cultural partnerships with leading regions
and emerging markets
• utilise the critical mass provided through promoting the Greater South
East and our position within the London city region
• deliver a global festival of innovation and use new technologies to
promote the region, including virtual presence for the region
• actively promote regional assets and investment opportunities through
our expanding international gateways
• leverage the 2012 Games for international business and tourism
opportunities.