Britain hungry for foreign investment to boost economy

London, May 10 (IANS) British Prime Minister David Cameron has expressed his country’s strong hunger for foreign investment to boost economic growth at the Global Investment Conference held in London.

Cameron Thursday joined his cabinet members including Finance Minister George Osborne, Minister of State for Trade and Investment Lord Green, Secretary of State for Energy and Climate Change Edward Davey to launch a high-profile promotion of investment to Britain from foreign countries at the Global Investment Conference, the third of the kind sponsored by the British government in London.

Britain avoided triple dip recession in the first quarter of this year, but the economy is still weak and the recovery still a long way off, reported Xinhua.

The British recovery since the end of the 2008-09 recession has been slow, with GDP still about 5 percent below its pre-crisis peak.

There has also been a further recession (two consecutive quarters of negative growth in

GDP) between the end of 2011 and the middle of last year.

Under such circumstances, the British government needs to boost investment to help save the stagnating economy.

Briefing the participants on British economy and investment environment, Cameron listed several advantages Britain boasts in the areas of financial service, manufacturing such as car production and life science for attracting overseas investment.

“Britain’s prosperity depends on the strength of the wider global economy. During our presidency of the G8 this year we will be focusing on boosting growth through free trade,” the prime minister said.

Pointing out the competitive edge of Britain, he said corporate tax was slashed to the lowest in the G20, red tape rolled back and planning simplified.

Green said: “Foreign investment creates hundreds of thousands of jobs and helps to increase the productivity and competitiveness of the UK economy. It’s a vital strand of the Government’s plan for growth.”

“Despite strong competition from our traditional competitors and emerging economies, Britain has retained its position as the leading destination for foreign direct investment in Europe.”

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