| Economic interdependence,
shared values and many common interests ensure that
the UK’s relationship with the US continues to
grow. With the improvement in the US economy, we are
once again seeing a significant increase in US companies
looking to enter or expand their existing business activity
in Britain. UK products enjoy a good reputation for
their quality in the US.
Trade matters. Our research shows that businesses
that trade internationally tend to be more productive
and competitive than those that do not. They grow more
quickly, spend more money on innovation, are more capital
intensive, and their productivity is higher.
The UK has a lot to offer as one of the world’s
most open trading nations, the second largest investor
in the world and a key player in the European economy.
We have a flexible, highly-skilled workforce, award-winning
designers, world-class managers and leaders, and businessfocused
scientists backed by record levels of public funding.
Taken together, it is no wonder that the world’s
top companies and investors choose the UK over any other
location in Europe.
We know that building a strong transatlantic economic
relationship is central to our future economic growth
and it is vital for Europe’s future prosperity
as well. That is why we are urging our European Union
(EU) partners to speed up economic reform. That means
more flexible, outward-looking economic policies and
breaking down barriers to ensure a better trading relationship
with the US. An expanded EU provides enormous opportunities
for inward investors, with location in the UK providing
access to a single market of 455 million people.
The type of investment we are attracting reflects
our strengths as a knowledge economy. The UK is the
top European investment location for research and development,
headquarters operations, software, electronics, pharmaceuticals,
financial services and telecommunications. The US and
the UK are the world’s two largest outward investors,
and we are the largest investors in each other’s
economies. In 2003, the UK continued to be the leading
foreign investor in the US with investment worth $23bn,
representing 17% of total foreign direct investment
into the country. The UK was the sixth largest supplier
of goods into the US and the UK was the fourth largest
market for US exports.
Britain and the US have benefited greatly from our
close business ties. I will continue to work with BritishAmerican
Business Inc to develop and maintain the strong partnerships
between our two countries.
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