The Honorable Louis B Susman
on Building ever-stronger ties
The Honorable Louis B Susman, United States Ambassador to the UK, looks at how the US and UK’s extraordinary partnership plays an important part in economic recovery and job growth in both countries
The phrase “special relationship” is often used to denote the historical, enduring ties between the US and the UK. But how do we take a real, concrete measure of that relationship? One of the best ways is to look at the extraordinary partnership our nations share in trade and investment.
Our foreign direct investment ties are the largest in the world. Investments valued at $875 billion flow in both directions, yielding approximately one million jobs on both sides of the Atlantic. This impressive investment relationship, in turn, provides a major foundation for our bilateral trade in goods and services, which is valued at over $200 billion a year.
Our common language, values, and business practices are, of course, major contributing factors towards our dynamic trade and investment. The UK is a natural entry market into Europe for US exporters, and more than 45,000 US companies actively do business in the UK. Because investment naturally follows trade, it is also not surprising that 28% of all foreign direct investment in the UK is from the US and that the UK has long been the top European location for US businesses seeking regional headquarters to cover Europe, the Middle East, and Africa.
As The Honorable Louis B Susman, the US Ambassador to the United Kingdom, I want to ensure that our already strong ties in trade and investment enjoy even greater levels of co-operation and mutual profitability for both countries. Towards that mission, my Embassy team and I are strong advocates for US commercial interests, and we view BritishAmerican Business (BAB) as one of our key partners in fostering US and UK business interests. BAB has also served as an important vehicle for companies in all industries to exchange ideas and raise issues of commercial importance to both our governments.
As nations, we need to undertake proactive measures to promote and facilitate expanded trade and investment as our two economies continue to recover. In that spirit and to highlight the importance of exports for economic growth, President Obama has launched the National Export Initiative (NEI). Its goal is to double US exports over the next five years, focusing on market opportunities in the fastest-growing sectors, including renewable energy, environmental goods and services, healthcare, and biotechnology. These are R&D-based sectors in which the UK and the US are already strong and enjoy a solid trade and investment relationship that can be further enhanced.
Clearly, we have been through a challenging period for business and for both our economies since the onset of one of the worst recessions in recent times. However,, as we emerge from the recession, the special strength of our relationship will be one of the factors that will play an important role in economic recovery and job growth in both countries. Your individual, concerted efforts to build stronger business ties between the US and the UK are very important to both our economies, both for today and as a foundation for future growth.
As you explore new business opportunities, I, The Honorable Louis B Susman, encourage you to take full advantage of the information available in this guide. I wish all of you continued success in your business endeavors and thank you for your strong commitment and contribution to the US–UK trade and investment relationship.
The Honorable Louis B Susman
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