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UK Trade and Investment

House of Lords written question – answered on 6th June 2011.

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Photo of Lord Hunt of Chesterton Lord Hunt of Chesterton Labour

To ask Her Majesty's Government what plans they have to modify restrictions on government departments and agencies and to encourage them in performing their tasks to develop technological capacity in the United Kingdom private sector and to promote those developments in the United Kingdom and abroad.

Photo of Lord Green of Hurstpierpoint Lord Green of Hurstpierpoint The Minister of State, Foreign and Commonwealth Office, The Minister of State, Department for Business, Innovation and Skills

The Government have set out a very clear ambition for the UK's trade and investment agenda. Trade and inward investment was one of the themes in the first phase of the Growth Review.

Working with the Foreign and Commonwealth Office, UK Trade and Investment (UKTI) is the government department that helps UK based businesses succeed in the global economy and assists overseas companies to bring their high-quality investment to the UK. UKTI's new Strategy, Britain Open for Business, launched in May 2011, sets out plans to provide practical support to exporters and inward investors over the next five years. Its purpose is to help our economy grow by boosting exports and encouraging foreign companies to invest in the UK.

UKTI showcases UK strengths in sectors, including high technology sectors, where we have world-beating capability and this can pay big commercial dividends, particularly in the more challenging emerging markets. UKTI also uses its network of staff to compile overseas business opportunities. These are then publicised via an online Business Opportunities Service providing several hundred global sales leads every month-companies can sign up to receive online alert messages about particular markets or sectors.

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