Some of the world’s biggest investors and pioneering British innovators joined UK Prime Minister Rishi Sunak at the Global Investment Summit which took place on 27th November. It followed on from the announcement of the UK’s new Advanced Manufacturing Plan, designed to provide certainty for investors.
More than 200 of the world’s leading CEOs attended the summit, which showcased the UK as one of the best places in the world to do business and drive billions of pounds of new and strategic investment. They were joined by top British tech creators, fashion icons and industry leaders for talks on the future of the economy and exciting new opportunities for growth in the UK.
At the summit the delegates committed £29.5 billion in new projects across the UK in sectors including tech, life sciences, renewables, housing and infrastructure. The summit also heralded some of Britain’s most pioneering innovations with AI, quantum, agri-tech, clean growth, advanced manufacturing, life sciences and fashion businesses demonstrating the country’s unique offer for investors.
Prior to the event, the UK’s advanced manufacturing sector was given a boost with the government announcing a £4.5 billion package to encourage further investment. As the world’s 8th largest manufacturing nation, the UK is already a global hub for advanced manufacturing. The new package includes £2 billion in new capital and R&D support for batteries and zero emission vehicles, £975 million for aerospace technology, £960 million for clean energy supply chains and £520 million for life sciences manufacturing.
The UK is an established destination for Irish businesses with companies investing in food production, energy generation, technology, construction, healthcare and professional services. In the financial year 2022-23, Ireland was the 8th top source market worldwide for Foreign Direct Investment (FDI) into the UK.
To support Irish businesses considering an expansion to the UK, the UK Department for Business and Trade (DBT) has a specialised office in Dublin. Last year it supported 32 major projects by Irish companies, creating 1500 jobs with a total investment value of over £500 million. DBT can help companies with aspects such as information on the investment situation and new potential areas of opportunity, assisting with set-up and site selection, making connections and business intelligence.
For companies interested in setting up in the UK, the process starts via a purpose-built digital advice service. The Expand Your Business portal is a free, easy-to-use service for companies offering a step-by-step guide with personalised results in less than 2 minutes. You can sign up for it here.
To contact the UK Department for Business and Trade in Ireland you can write to: dbt.ireland@fcdo.gov.uk