Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, whether her Department supports foreign investment in science and technology by region.

Investment is at the very heart of the UK economy - it supports economic growth, creates jobs and enables improvements in productivity for new and existing firms. It is also essential for successful delivery of the Government's objective to make the UK a science and technology superpower by 2030.

The Department for Business and Trade promotes a range of investment opportunities across the science & technology sector. DBT works to attract foreign corporates to the UK, developing compelling investment propositions for DBT's international network to bring to prospective investors, this includes both sector-wide and place-based opportunities. DBT has dedicated based staff across the UK who work with the DAs/their agencies, wider DBT teams, Office for Investment and other UK government departments to deliver investment in priority areas, including science and technology. DBT teams work closely with partners to deliver events to attract investment, such as the Northern Ireland Investment Summit that was held in Belfast, September 2023.

The UK has 13 new Investment Zones which will benefit from £160 million each of Government funding to unlock foreign investment across priority sectors, especially science and technology, with a focus on driving innovation and creating quality jobs. These will be new hubs for investment and innovation across the UK and the funding spread over 10 years, will be spent on fiscal incentives and/or flexible spend to support attracting FDI. In line with the government's levelling up objectives, they are established in places with significant unmet productivity potential, where existing strengths and assets aligned to priority sectors can be leveraged to increase opportunities for local communities. Investment Zones will be established in partnership between central government, local government, research institutions and the private sector. The Investment Opportunity Fund is intended to double down on the objectives of Freeports and Investment Zones by providing a flexible, agile pot of funding that government can use to secure and respond to opportunities in these areas as they emerge.