Following the launch of the industrial strategy green paper today
- International Trade Secretary, , visited a leading advanced
technology business in Oxfordshire to reiterate the government’s
commitment to supporting UK business to grow at home and abroad.
On the visit to Prodrive in Banbury - a successful independent
British engineering innovation business - the International Trade
Secretary outlined the steps government is taking to support
trade and investment across the country which can have a crucial
impact on the growth of local economies.
The industrial strategy green paper sets out a plan to improve
living standards and economic growth by increasing productivity
and driving growth across the whole country. To achieve that
goal, the green paper sets out ten strategic pillars to underpin
a new government approach.
Encouraging trade and inward investment policy is one pillar and
is key to opening up markets for UK firms, boosting productivity
and growth across our economy, including by increasing
competition and helping to bring new ways of doing things to the
UK.
The Secretary of State for International Trade, , said:
Trade and investment is a vital part of building an economy
that works for all, creating jobs and transforming local
communities and industry.
Across the UK we’re pioneering a whole host of new
technologies, working with industry and universities to ensure
Britain remains the location of choice for many sectors, such
as the next-generation automotive industry. Prodrive is a
fantastic example of innovative British automotive engineering
at its best and a great illustration of our how we can and
should be exporting our world-class expertise to benefit our
economy.
The UK is open and ready for business and the launch of the
Industrial Strategy today shows our commitment to improving
growth and productivity across the whole country.
The Department for International Trade is leading government work
to continue to champion free trade and ensure it helps deliver an
economy that works for everyone.
The strategy lists how the department will:
- build future trade relationships - The UK remains committed
to pursuing free trade. That includes seeking to achieve
continuity in our trade and investment relationships with third
countries thereby minimising disruption for business as we leave
the EU
- build global prosperity
- improve market access for exporters
- create a more active approach to winning overseas contracts
- increase defence exports
- double export finance capacity
- make government trade services easier to use for firms - the
department has recently launched a ground breaking new digital
platform to provide digital services to help exporters
and investors;
- join up trade and inward investment promotion with local
areas
- strengthen the value from trade shows and
- develop a new, more strategic approach to inward investment
Following the decision to leave the European Union, the UK has
the opportunity to develop its new trading arrangements and take
forward its ambition to become a global trading nation and
champion of free trade.
On the visit to Prodrive the Secretary of State had a tour of the
factory and saw first-hand how the company makes bespoke parts
for race and rally cars using traditional metalworking techniques
and the advanced technology workshop where the company develops
innovative projects for some of the company’s biggest clients
such as Jaguar Land Rover, Volvo and McLaren.
The Automotive Investment
Organisation which now sits within DIT, has since it was
set up by the Automotive Council in 2013, helped create or
safeguard over 20,000 jobs in the UK automotive supply chain, and
by attracting inward investment helped increase local content in
UK-built cars from 36% to 41%.
Car-making in the UK is thriving – with more cars built last year
than any year since 1999.
