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2004 | Welcome
to the UK >
Minister of Trade, Investment
and Foreign Affairs |
Minister
of Trade, Investment and Foreign Affairs |
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| Mike O’Brien,
Minister of Trade, Investment and Foreign Affairs,
examines the role BABi plays in forging US/UK links
– and how companies can build on those business
benefits |
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“Do what you do best”
– that’s the economic motto in today’s
globalised world. The idea is that countries should concentrate
on what they can produce more cheaply and efficiently
and then trade. Consumers win under this scenario, especially
in the long term, by paying less.
Trade and investment are vital drivers for economic growth
and have the potential to uplift entire economies and
improve millions of lives. Britain has benefited enormously,
with trade generating more than £4,500 for every
man, woman and child in the UK, and one in four UK jobs
is linked to business overseas.
However, when economies do not do well, or when there
are huge job losses, protectionism always rears its head.
Protectionism, while tempting in the short term, has never
been the answer. It’s wrong to assume a job moved
abroad means another worker on the dole here. Instead,
countries should concentrate on developing needed job
skills, attracting more investment, and improving local
infrastructure.
Since my appointment as Minister of Trade, Investment
and Foreign Affairs last year, my team and I have been
hard at work strengthening commercial ties across the
globe to promote trade and investment, with the help of
organisations such as BritishAmerican Business Inc.
BABi plays a vital role in developing and maintaining
partnerships between the United States and Britain. Trade
and investment links between our two countries have always
been strong, with over half a billion pounds ($1bn) worth
in trade every day. And Britain and the US continue to
be the top investors in each others’ markets.
The UK has a stable, business-friendly economy to ensure
that we are the most advantageous place for business investors.
Britain remains the number one destination for inward
investment projects in Europe because we offer fast and
easy set-up, a highly supportive business environment,
a flexible and motivated workforce, and world-class research
support.
It is no surprise, then, that more than 5,000 US companies
have UK bases, from which they have a unique gateway to
a EU customer base of almost 400 million, which, after
enlargement, will rise by more than 50 million. Britain
and the US have benefited greatly from our close business
ties. I will continue to work with BABi to build on that
relationship. But we must also work together with the
strong leadership required to promote the benefits of
global trade and investment.
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