Trade and Investment

House of Lords written question – answered at on 7 July 2010.

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Photo of Lord Taylor of Warwick Lord Taylor of Warwick Conservative

To ask Her Majesty's Government what steps they will take to help secure new business for British industry in high-growth countries such as China and India.

Photo of Baroness Wilcox Baroness Wilcox The Parliamentary Under-Secretary of State for Business, Innovation and Skills

UK Trade & Investment is targeting 17 key high growth markets, including China and India, based on their potential for growth and other criteria such as their market match and scope for UKTI help. Of the 23,600 UK businesses that UKTI helped in 2009-10, nearly 40 per cent were seeking help in regards to these high growth markets. We are responding to this demand for help to secure new business by: ensuring there are targeted services and advice available for businesses considering these markets; raising greater awareness among UK business of these markets drawing on our expertise here and in our overseas network; communicating to business the specific opportunities in them; and campaigning for better access for UK companies.

In addition to this, senior Ministers are actively engaging with overseas Governments in these markets. For instance, in support of British business in India, both the Secretary of State for Business and the Foreign Secretary have already met the Indian Commerce Minister to discuss further activity to ensure that the UK-India business relationship strengthens further. In regards to China, the Chancellor of the Exchequer visited in June. The Foreign Secretary hopes to visit in the very near future and the Prime Minister will visit in November. Discussion is also ongoing with the Chinese Government to identify dates in the autumn for the annual economic and financial dialogue and joint economic and trade commission. All of these will offer opportunities for active engagement by British business.

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