Kemi Badenoch addresses delegates at the Global Investment Summit
Good morning, ladies and gentlemen, and welcome to the 2023 Global Investment Summit.
Thank you to everyone who traveled from around the world to be here today to celebrate the next chapter in this country’s future.
Two years ago, at the inaugural Global Investment Summit, we were still in the midst of the pandemic, yet investors placed almost £10 billion of trust in our country because they saw the huge growth potential we had to offer.
It sowed the seeds of the hugely successful Northern Ireland Investment Summit in September, which put Belfast and Northern Ireland firmly on the global boardroom map.
As a growing science and technology superpower, the Prime Minister held the first ever AI Summit earlier this month to ensure the UK is at the forefront of world-leading AI.
Now, this will not come as news to many of you in this room, but the UK is indeed a great place to invest. That’s why you’re here.
We now occupy third place in the world in terms of total inward investment, which currently amounts to $2.7 trillion, and we are the first destination in Europe for foreign direct investment projects. We have succeeded in attracting more foreign direct investment in new areas than Germany and France combined.
We also have the most valuable technology sector, which is only the third sector in the world to be worth $1 trillion.
Last year alone, we created 112,000 jobs across the UK through inward investment, and more are being created here today.
Since the establishment of the Ministry of Business and Trade just a few months ago, we have seen greater investment in this country.
In my first few days as Business Secretary, I sealed a momentous deal to supply new aircraft to Air India from Airbus and Rolls-Royce.
In September, BMW announced the conversion of its Oxford Mini plant, creating 4,000 jobs, as Stellantis pledged £100 million for electric vehicles at Ellesmere Port.
Investment Minister Lord Johnson signed a £10 billion memorandum of understanding with Marubeni just last month for green projects.
The Tata Group has pledged £4 billion to create a new mega site in Somerset that will transform our battery supply chains and create thousands of jobs.
Last week, we saw £21 billion worth of Korean investment in renewable energy, life sciences and technology during an official visit to South Korea.
On Friday we secured £2bn from Nissan for its sites in Sunderland, which will help secure thousands of jobs.
Not to mention the global leadership we demonstrate in free and fair trade.
Such as joining the CPTPP trade bloc, entering into the first post-Brexit free trade agreements with Australia and New Zealand, and opening up £6.5 billion of new export opportunities across 75 markets last year alone.
We are also taking huge steps to ensure that the UK manufacturing sector is a world leader in innovation.
Yesterday I launched the £3bn Advanced Manufacturing Plan which will invest in the long-term future of our innovative manufacturing industry by cutting costs and removing barriers to business.
This comes against the backdrop of the UK’s manufacturing sector leapfrogging France to become the eighth largest sector in the world.
But we cannot stand idly by. The world is changing rapidly, and the global economy is a very competitive place.
Just a few months ago, our landmark trade agreement with Australia came into effect – we have since secured £10bn from IFM Investors and £5bn from Aware Super to stimulate green transformation, infrastructure, technology and life sciences projects, as well as £100m from Patricia for sustainable housing projects.
As part of an overall £12 billion programme, Ibedrola has today confirmed £7 billion for our world-leading renewable energy sector, with Partner Groups North Star and Green committing £1 billion and £500 million to new offshore wind and community infrastructure . Power projects in a row.
The UK’s technology scene continues to be a global leader, with combined investments totaling nearly £6 billion from Microsoft, BioNTech, Yondr, Ellison Institute, Aira, Oxford Quantum Circuits and MediaTek.
These investments total nearly £30 billion – a massive vote of confidence in the UK, which also proves how we are one of the best places in the world to invest.
But I want to take this further.
I want the UK to be more innovative, more dynamic and more successful. I want business people to look at the UK and see it as an engine for investment, free trade and growth.
You said my door is always open. My office is called the Department of Business.
I would like your ideas on how to create a friendlier and more logical regulatory environment; What are the things we should be doing differently instead of sticking to the status quo.
I want to move away from just looking at organization as the solution, and instead focus on solving your problems.
The numbers speak for themselves, and at today’s summit you’ll see why we’re already on the path to greater things.
I’m delighted to welcome Prime Minister Rishi Sunak to the stage to tell us more.