Emerging Economies

Debate between Ivan Lewis and Chris Bryant

Monday 14th June 2010 Commons Chamber

[Chris Bryant]

I was about to do precisely that, so I am grateful to the old lag—

[Mr Ivan Lewis]

The honourable old lag.

[Chris Bryant]

Sorry—the honourable old lag. He is probably extremely right honourable, learned and gallant as well, for all I know.

We need to focus on three elements of a growth strategy in relation to the emerging economies. First, we need active investment in the industries of the future. We have only to take a cursory look at our exports to many of those countries to see that a large part of our engagement relates to old, extremely well established industries, notwithstanding the significant advances that have taken place in some others. For example, it is a simple fact that petrocarbons form the backbone of our world trade with many of the emerging economies. In India, pearls and rough diamonds are key exports, and, in many places, extractive industries dominate our balance of trade. In recent years, we have added telecoms to the list, as well as the pharmaceutical and IT industries, but the UK’s future has to spread further, especially into the low-carbon, green industries. I do not believe that that will happen without some degree of Government investment, however, and if we are too slow, others will gain first player advantage.

I presume that a Minister will be winding up the debate?