Oral Answers to Questions

Debate between Vince Cable and Lord Sharma

Thursday 15th March 2012 Commons Chamber

[Vince Cable]

The hon. Gentleman is absolutely right that the regional growth fund played an important part in key decisions such as Nissan’s decision to expand its operation in the UK. There is, of course, a limited amount of money; it is a challenge fund. It is because we recognise that the regional growth fund is a very valuable source of funding that we have extended it by a further £1 billion, and there is currently a new process of application taking place.

[Alok Sharma (Reading West) (Con)]

We are rightly hearing a lot about the special and essential relationship between the UK and the US this week, but one of the other special and essential relationships the UK has is with India. Does the Secretary of State agree that growing inward investment into the UK from countries such as India clearly demonstrates the success of UK Trade & Investment’s inward investment strategy?

[Vince Cable]

Indeed, and I am flying out to India tonight to pursue this issue—I think it will be my third visit since I became Secretary of State. I shall be making exactly that point—that Indian investment in the UK is extremely welcome. We are attracting more such investment and leading Indian companies such as Tata and Sahavirya Steel Industries are absolutely valuable to our economic recovery.