The Business & Trade Secretary welcomes £29.5bn of
investment and heralds UK's Science & Tech Superpower status.
"Good morning Ladies & Gentlemen and welcome to the 2023
Global Investment Summit.
Thank you to everyone who has travelled from across the globe to
be here today to mark the next chapter in this country’s
future.
Two years ago at our inaugural Global Investment Summit, we were
still in the throes of a pandemic, yet investors put a near £10
billion vote of confidence in our country because they saw the
huge potential for growth that we had to offer.
It sowed the seeds for our hugely successful Northern Ireland
Investment Summit in September which put Belfast and Northern
Ireland firmly on the global boardroom map.
And as a growing science and technology superpower, the Prime
Minister held our first-ever AI Summit earlier this month to
ensure the UK is at the forefront of a pioneering world of
artificial intelligence.
Now, it won’t come as news for many of you in this room, but the
UK is already a fantastic place to invest. That’s why you’re
here.
We are now third in the world for total inward investment,
currently standing at $2.7 trillion, and are the top destination
in Europe for FDI projects. We have attracted more greenfield FDI
than Germany and France combined.
We also have the most valuable tech sector, only the third in the
world to reach $1 trillion in value.
Last year alone we created 112,000 jobs in all corners of the UK
from inward investment, with many more being created here today.
Since the Department for Business & Trade was formed just a
few months ago, we have seen even greater investment in this
country.
In my first few days as Business Secretary, I ushered in a
momentous deal for Airbus and Rolls-Royce providing new aircraft
for Air India.
In September, BMW announced a transformation of their Oxford Mini
plant which secured 4,000 jobs, with Stellantis pledging £100
million for electric vehicles at Ellesmere Port.
Our investment minister signed a £10 billion MoU with
Marubeni just last month for green projects.
Tata Group have pledged £4 billion to create a new gigafactory
site in Somerset which will transform our battery supply chains
and create thousands of jobs.
And last week, we saw £21 billion of Korean investment in
renewable energy, life sciences and tech during the South Korea
State Visit.
And on Friday we secured £2 billion from Nissan for their sites
in Sunderland, which will help secure thousands of jobs.
And that’s not to mention the global leadership we are showing in
free and fair trade.
Such as joining the CPTPP trading bloc, ushering in our first
post-Brexit free trade agreements with Australia and New Zealand,
and unlocking £6.5 billion of fresh export opportunities across
75 markets in the last year alone.
We’re also taking huge steps to ensure that the UK’s
manufacturing sector is a world leader in innovation.
Yesterday I launched our £3 billion Advanced Manufacturing Plan
which will invest in the long-term future of our innovative
manufacturing industry by reducing costs and removing barriers to
business.
This comes off the back of the UK’s manufacturing sector
leapfrogging France to become the eighth biggest in the world.
But we cannot stand still. The world is changing fast, and the
global economy is a very competitive place.
Just months ago our historic trade deal with Australia came into
force - since then we’ve secured £10 billion from IFM Investors
and £5 billion from Aware Super to turbocharge green transition,
infrastructure, tech and life science projects, as well as £100
million from Patrizia for sustainable housing projects.
As part of a total £12 billion programme, Ibedrola have today
confirmed £7 billion for our world-leading renewables sector,
with Partner Groups’ portfolio companies North Star and Gren
committing £1 billion and £500 million for new offshore wind
infrastructure and community energy projects respectively.
And the UK tech scene continues its world-leading charge, with
combined investments totalling nearly £6 billion from Microsoft,
BioNTech, Yondr, the Ellison Institute, Aira, Oxford Quantum
Circuits and MediaTek.
These investments total nearly £30 billion - a colossal vote of
confidence in the UK, proving further how we are one of the best
places in the world to invest.
But I want to take this further.
I want the UK to be even more innovative, even more dynamic and
even more successful. I want business to look at the UK and
see it as a dynamo for investment, free trade and growth.
I have said that my door is always open. My office is called
the Department for Business.
I want your ideas on how we can create a more friendly
common-sense regulatory environment; what things we should be
doing differently rather than sticking to the status quo.
I want to move away from just seeing regulation as the solution,
and focus instead on solving your problems.
The numbers speak for themselves, and at today’s summit you will
see why we’re already on the path to even greater things.
I’m delighted to welcome the Prime Minister, , to the stage to tell us
more."
