Strengthening the ties

Andrew Cahn, Chief Executive of UK Trade & Investment, outlines his commitment to the transatlantic relationship

The UK is consistently Europe’s favorite investment location, not just for US companies, but for businesses the world over. Thousands of international businesses have been won over by the UK’s robust 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 springboard to success in Europe, as well as obtaining ready access to our domestic market. Thousands of US firms have already chosen to expand their businesses into the UK, with 478 new projects announced in the financial year 2007-8 alone.

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, and has 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 and which can go on to achieve a wider global impact. TheLadders.com, an online recruiting resource to recruiters and job seekers in the £50k+ employment market, has become a successful resource for career opportunities in the UK with over 160,000 members, double the original estimate for its first year of trading. TheLadders.com has also invested in TV advertising and plans to introduce a suite of career management services that are tailored to executive job searches. TheLadder.com’s success is a result of close team-working between UK Trade & Investment New York and Think London, who have helped TheLadders.com to grow its UK sales team to 24 people.

Likewise, in R&D-intensive industries, companies are taking advantage of the UK’s business environment. At the end of last year, two R&D deals were signed between the Raytheon Company (headquartered in Waltham, MA) and universities in Scotland. The first project involves the sponsorship of development work in Silicon Compatible Process Modules at the University of Glasgow, and is led by Professor Iain Thayne of the Ultrafast Systems Group. The second investment involves the funding of a “Raytheon Chair” at Strathclyde University and will create a new high value job. These R&D successes would not have been possible without the close co-operation of the British Consulate-General in Boston, the R&D specialist at UK Trade & Investment HQ, and the Scottish Development International (SDI) team in Scotland.

These are excellent examples of how new and innovative opportunities for investment and joint ventures can address the needs of the future. But we must not be complacent and should work to ensure that our partnership continues to grow from strength to strength.

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. BAB plays a pivotal role in promoting trade and investment between our two countries and in helping its member companies develop internationally. 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 – and as someone married to an American – I know the value of the economic transatlantic relationship, which I am sure will continue to thrive in the years ahead.

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

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