Oral Answers to Questions

Debate between Steve Race and Sarah Jones

Thursday 13th March 2025 Commons Chamber

[Steve Race (Exeter) (Lab)]

T2. The south-west has a huge number of innovative start-up and scale-up businesses, but we attract only about 3% of private equity and venture capital funding per year. What is the Department doing to ensure that foreign direct investors are aware of, and have access to, the fantastic business infrastructure opportunities that we have in Exeter and across the south-west?

[The Minister for Industry (Sarah Jones)]

I saw many incredible businesses when I went to the Exeter business park last year. When I was in Saudi Arabia in January, I was with a range of businesses that were promoting investment, including many from the south-west. There is more that we can do, but there are some brilliant people there who are doing brilliant things. I think we can go further, and I am certainly very happy to work with my hon. Friend on that.

Oral Answers to Questions

Debate between Steve Race and Sarah Jones

Thursday 30th January 2025 Commons Chamber

[Steve Race (Exeter) (Lab)]

8. What assessment he has made of the effectiveness of the UK in attracting international investment.

[The Minister for Industry (Sarah Jones)]

Through increased inward investment, we can innovate, create jobs and deliver on our growth mission to become the fastest-growing nation in the G7. We have wasted no time: on top of the £63 billion raised at our international investment summit, our new national wealth fund has already leveraged £1.6 billion of private sector investment, and we have outlined ambitious plans for planning reform alongside a modern industrial strategy to secure record levels of investment.

--- Later in debate ---

[Sarah Jones]

I congratulate my hon. Friend on his appointment as the trade envoy to Pakistan. I can think of no one better, and I know he will make a big difference in that role. The Government took the decision to reappoint Professor Sir Steve Smith as our international education champion to ensure that the UK-Pakistan education partnership’s work continues as part of the international education strategy, which is now jointly led by the Foreign, Commonwealth and Development Office, the Department for Education and the Department for Business and Trade. Led by Sir Steve, the UK has worked closely with the Pakistan Higher Education Commission on revising Pakistan’s new transnational education policy. That work will continue, and I am sure my hon. Friend will bring great help to it.

[Steve Race]

The south-west is home to an incredibly important economy based on defence, food security, space, maritime, and, in Exeter, life sciences and climate tech and research. We are also home to huge green energy potential, utilising floating offshore wind. However, we currently need investment in our port facilities so that the new green jobs will be based in the south-west, not in France or elsewhere. Will the Minister meet me, along with colleagues and the sector, to discuss to the future of green energy generation in the south-west?

[Sarah Jones]

I thank my hon. Friend for his question. I saw the talent and potential for myself when I visited Exeter in September for Great South West’s annual conference. I am visiting the region again in a few weeks, because there is huge potential, huge excitement and huge opportunities to grow. As he knows, there is £1.8 billion from the national wealth fund to invest in our ports. I am very happy to meet him and others to see what potential we can discuss.