Foreign Investment in UK

Business, Innovation and Skills written question – answered on 7th March 2012.

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Photo of Laura Sandys Laura Sandys Conservative, South Thanet

To ask the Secretary of State for Business, Innovation and Skills how many (a) regional inward investment organisations or (b) local enterprise partnerships have signed memorandums of understanding with UK Trade and Investment to enable them to access international inward investment opportunities.

Photo of Mark Prisk Mark Prisk The Minister of State, Department for Business, Innovation and Skills

holding answer 6 March 2012

The information requested is as follows.

(a) The nine regional development agencies gave up their inward investment responsibilities at the end of March 2011 as part of their forthcoming closure following abolition. The devolved Administrations have all signed memoranda of understanding (MoUs) with United Kingdom Trade and Investment (UKTI).

(b) UKTI now works at the local level through the 39 Local Enterprise Partnerships (LEPs) and, where appropriate, their respective investment agency. 37 of the LEPs have signed an MoU with UKTI. UKTI is in negotiation with the Greater London authority to sign an MoU on inward investment co-operation.

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