A new Office for Investment (OfI) has been created to help fund public and private sector projects in the UK and overseas.
The new OfI will not only help overseas businesses to seek out high-value investment opportunities, but it will also look to bolster investment in research and development across the UK.
The Government has said the development of the new department is a response to engagement with investors, who have indicated that as global competition intensifies, a more structured approach will better support their efforts.
The OfI will be staffed by a highly experienced team of experts, with both private sector and cross-government experience, who will be based within the existing Department for International Trade (DIT).
As part of its role, the OfI will try to remove or resolve potential barriers to landing top tier investments, including regulatory constraints and planning issues, which will help drive investment into all corners of the UK.
The Government has said the OfI will have a key role in boosting economic recovery across the country by “making the UK the most attractive destination in the world to invest”.
Minister for Investment, Gerry Grimstone said: “If we are to build back better from this pandemic, we need to refocus and re-double our efforts to attract foreign investment, which will increase productivity, economic growth across the country, boost our exports and better our research and development environment.
“We must sharpen our priorities and transform our investment offer accordingly to meet the demands of a changing global economic outlook – whether that be in greener or increased digitally-led opportunities.
“The Office for Investment will make it easier for international investors by bringing the very best of the UK directly to them.”
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