UK Trade & Investment

UK Trade & Investment (UKTI) was a UK Government department working with businesses based in the United Kingdom to assist their success in international markets, and with overseas investors looking to the UK as an investment destination.[2] In July 2016 it was replaced by the Department for International Trade.[3]

UK Trade & Investment
Welsh: Masnach a Buddsoddiad y DU
Non-ministerial government department overview
FormedOctober 2003 (2003-10)
Preceding Non-ministerial government department
  • British Trade International
DissolvedJuly 2016
Superseding agency
JurisdictionUnited Kingdom
Headquarters1 Victoria Street, London, SW1H 0ET
Employees2,331
Annual budget£270 million (2009-2010)[1]
Websitewww.gov.uk/ukti

History
See also: List of UK Trade Ministers

UKTI was formed in May 1999 as British Trade International, comprising two parts: Trade Partners UK (for export promotion) and Invest UK (for inward investment - FDI). In October 2003, the former department name and two inner departments merged and became UK Trade & Investment to simplify the outward recognition of the organisation, and possibly to reduce confusion with the two departments.

Aims

To support its aim to "enhance the competitiveness of companies in Britain through overseas trade and investments; and attract a continuing high level of quality foreign direct investment".

The UK is the 2nd highest recipient of investment in the world.

Structure

UK Trade & Investment is an international organisation with headquarters in London and Glasgow in Scotland. Across its network UK Trade & Investment employs around 2,400 staff and advisers, including overseas in British Embassies, High Commissions, Consulates and trade offices, and regional offices in the nine English regions [4]

The delivery of many UKTI regional services within the United Kingdom is contracted out to other organisations. In Devon, Cornwall and Somerset, UKTI regional services are now delivered by Serco, [5] In China, the China Britain Business Council, another private body, is the provider.

Business and university leaders work with UKTI as "business ambassadors". They promote the UK internationally and highlight trade and investment opportunities. They focus on helping small and medium-sized enterprises (SMEs).

UK Trade & Investment brings together the work of the Foreign & Commonwealth Office and the Department for Business, Energy and Industrial Strategy. The UK Special Representative for International Trade and Investment works as part of UKTI to promote British business and produce.

UK Trade & Investment has public-private partnership agreements with the Federation of International Trade Associations under which they contribute market research and other reports on GlobalTrade.net.[6]

UK Trade & Investment has an arms-trade branch called UKTI DSO (UK Trade & Investment Defence & Security Organisation) headed by Sir Richard Paniguian.[7]

References
  1. UKTI Resource Accounts 2009-2010, UK Trade & Investment, 22 July 2010, archived from the original on 23 November 2010, retrieved 19 December 2010
  2. "UK Trade & Investment - GOV.UK". Ukti.gov.uk. Retrieved 22 July 2015.
  3. https://www.gov.uk/government/organisations/uk-trade-investment
  4. "UKTI Resource Accounts 2009-10, Staff Numbers and Related Costs". Ukti.gov.uk. p. 67. Retrieved 22 July 2015.
  5. The Committee Office, House of Commons (28 January 2010). "House of Commons - Exporting out of recession - Business, Innovation and Skills Committee". Publications.parliament.uk. Retrieved 22 July 2015.
  6. "The Directory for International Trade Services". GlobalTrade.net. 3 February 2015. Retrieved 22 July 2015.
  7. "UK Trade & Investment Defence & Security Organisation - GOV.UK". Ukti.gov.uk. Retrieved 22 July 2015.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.