Inward Investment UK and other European Countries 2020-11-19
2020-11-19
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Questions & Answers
Q1
Direct Answer
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Context
The MP is seeking an analysis of inward investment into the UK compared to other European countries.
What comparative assessment has been made of the level of inward investment into (a) the UK and (b) other European countries?
Latest Office for National Statistics figures report that the UK's inward foreign direct investment stock reached £1.5 trillion in 2018—a new record. According to the United Nations conference on trade and development, the UK held the highest FDI stock in Europe in 2019. The Financial Times FDI report highlights that last year the UK had more greenfield FDI projects than any other country in Europe at 1,271; by comparison, Germany had 702 and Spain 658.
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Q2
Direct Answer
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The MP is asking about measures to boost investment and trading relationships between the UK and Asia-Pacific countries, particularly Pakistan.
I congratulate the Minister on the impressive inward investment results so far. What is he doing to boost investment and broader trading relationships between the UK and the Asia-Pacific region and, in particular, those with Pakistan?
The Government remain committed to increasing trade and investment with the Asia-Pacific region. We have signed a free trade agreement with Japan, are negotiating FTAs with Australia and New Zealand and hope to be able to apply for formal accession to the comprehensive and progressive agreement for trans-Pacific partnership. At the end of the transition period, the UK will put in place its own generalised scheme of preferences, and Pakistan will continue to receive the same market access to the UK next year.
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