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Best for business Andrew Cahn, Chief Executive, UK Trade & Investment, looks at why the UK is the number one investment destination for so many US companies

Over 9,000 US firms have already chosen to expand their businesses into the UK, with 540 new projects announced in the financial year 2006-7 alone. The UK is consistently Europe’s favorite investment location – for not just the US, but for the world’s companies.

Thousands of international businesses have been won over by the UK’s superb business environment, economic and political stability and highly-skilled and flexible workforce. The UK also has a much-valued reputation as a cutting-edge pioneer in technology, design and creativity, partnered by a commitment to excellence in research and development. US firms also see a UK location as an ideal gateway to building success throughout an expanding Europe, as well as obtaining ready access to our growing domestic market.

Around half of the US companies investing in Europe locate their continental headquarters in London. The UK capital is consistently voted by leading companies as Europe’s best city to set up a business. It is Europe’s largest international banking center, boasting almost half of all the EU’s financial services and the world’s highest number of foreign banks. Establishing a presence there, and in the UK’s other dynamic commercial centers, is uncomplicated and straightforward. While London is one of the UK’s business strongholds, there are many opportunities to match businesses’ specific needs for skills, services, infrastructure, technology and talent throughout the country.

The UK has always created an investment climate to attract individuals and companies at the leading edge of their sectors that can go on to achieve a wider global impact. For example, Clipper Windpower’s recently-established Centre of Excellence for Offshore Wind in Blyth, Northumberland, is evidence that companies can find and exploit opportunities in the UK for developing renewable technologies. The government is actively committed to bringing down trade barriers and delivering support to the firms bringing renewable energy sources to market. In fact, according to Ernst & Young, the UK is second in the world for attractiveness for renewable energy investments.

Likewise, in life sciences, and other R&D-intensive industries, companies are taking advantage of the UK’s business and regulatory environment to bring new technologies to market. Biotech giant Amgen, for example, recently made its largest international investment into London, setting up a new European Development Centre from which it will co-ordinate almost half of its 250 clinical studies worldwide. While these are excellent examples of how new opportunities for investment and joint ventures can address the needs of the future, we must not be complacent and should work to ensure that our partnership continues to go from strength to strength. Although the relationship between the UK and the US is solid, we cannot take for granted the “special relationship”; rather, both countries must continue to work to deepen our commercial ties by demonstrating a commitment to the entrepreneurial spirit and free market economies.

I have been very impressed by the work of BritishAmerican Business in the time I have been associated with it as a member of its International Advisory Board. The organization plays a pivotal and crucial role in promoting trade and investment between our two countries and in helping its member companies develop their international success. With bases in New York and London, and with a network across more than 60 European and American commercial centers, it is the leading transatlantic business organization.

As Chief Executive of UK Trade & Investment, which helps overseas companies seeking to set up or expand in the UK, I will strive to make our invaluable economic transatlantic relationship continue to thrive in the years ahead.

For more information, visit: www.ukinvest.gov.uk

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