Investment: Foreign Investment
House of Lords
Lord Harrison (Labour)
To ask Her Majesty's Government what is their assessment of the role of university science parks in attracting foreign direct investment to the United Kingdom.
Baroness Verma (Whip, House of Lords; Conservative)
Science parks are part of an array of assets that support the attraction of foreign direct investment to the UK. They provide a platform for companies seeking proximity to complementary networks and like minded business that will help their business to flourish. The UK has a strong offering in terms of science parks, which are world renowned for the depth of their networks, innovation and science.
The type of investment that the science park may attract includes; sales and marketing, research and development or project offices. Being in close proximity to the university can also allow the company to reduce its overheads by utilising existing assets in the form of labs and research material when it is looking to undertake its own research and development. Renting lab space, for example, is far cheaper than custom building your own.