Oral Answers to Questions

Debate between Robbie Moore and Nusrat Ghani

Thursday 9th February 2023 Commons Chamber

[Robbie Moore (Keighley) (Con)]

17. What steps her Department is taking to help increase the level of inward investment into the UK.

[The Minister of State, Department for Business and Trade (Ms Nusrat Ghani)]

The UK’s total inward investment stock is the second highest in the world, having recently passed £2 trillion. As the Secretary of State outlined, we want to make the UK the undisputed top investment destination in Europe, attracting high-impact, high-value investment into our strategically important sectors which will make a real difference to the UK economy. We are facilitating both Government-to-Government and industry investment. The UK-UAE sovereign investment partnership will bring £10 billion to key UK sectors. Likewise, the Moderna partnership will support our research and clinical trials infrastructure, building a state-of-the-art vaccine manufacturing centre and creating over 150 highly skilled jobs in the UK. Compared to 2020-21, last year —2021-22—the estimated economic impact of foreign direct investment projects supported by the Department for International Trade increased by 82% and the number of new jobs by 53%.

--- Later in debate ---

[Ms Ghani]

On clinical trials specifically, when I was life science Minister we commissioned a review of clinical trials—we knew that was a blockage—but I do not think the data he presents reflects the £1 billion Moderna deal we have just secured, including the deal with biotech. The fact that we have life science missions will enable us to attract more attention and work to the ecosystems we have here in the UK, including in the hon. Gentleman’s constituency. I am more than happy to work with him, because life science is one of our key exports of expertise.

[Robbie Moore]

I recently had the honour of welcoming the Prime Minister to Keighley, where he had the opportunity to visit Teconnex, a global leader in clamp technology that also provides battery storage to help commercial and industrial facilities to become more energy-independent. What steps is my hon. Friend taking to ensure that with businesses such as Teconnex in my constituency and other world-leading businesses right here in the UK, we can be seen as a more attractive place for foreign investment?

[Ms Ghani]

My hon. Friend proudly represents Teconnex as a firm in his constituency. The Department is keen to support all businesses that seek to invest or expand in the UK, particularly those that can help to spread jobs and opportunities across the UK and help us to deliver net zero. The Department is working across Government; we have previous Business Ministers here, and we are very close to the automotive sector and the supply chain. The new Department will ensure that there is a single, coherent voice for business inside Government to help my hon. Friend to represent business in his constituency.