TNAG-2693-FCO40-3896-Meetings-and-calls-on-Alastair-Goodlad--Minister-of-State-fo-1993 — Page 87

of the world.

In this time of recession and minimal growth in most of our principal markets, the Asia-Pacific offers opportunities for rapid and sustained growth in the volume of business and profits.

There are a number of options your companies might want to consider in developing links with the Asia Pacific region. Joint ventures either in third country projects or in this country. I know that Staffordshire benefits from ICL's links with Fujitsu through their major factory at Kidsgrove. And now Uttoxeter can boast a Japanese connection with the recent joint venture forged between JCB Excavators and Sumitomo. Direct investment is another possibility. British direct investment in Japan was up 8 times over the previous year in financial year 1991 albeit from a very low base.

But tonight I want to focus on two particular fields which are rich with opportunities for the British economy: inward investment and exports.

Inward Investment

First, inward investment. You have a shining example of this on your doorstep in Derbyshire. Toyota expect to invest £750 million and to create 3,000 jobs. The overspill from this will have many positive implications for many of you. Some local companies - I know Rists is one have won supply contracts. there has been an influx of new companies from Japan, the US and Spain to Burton-upon-Trent, Tamworth and elsewhere, to act as components suppliers.

The Government welcomes inward investment which will bring benefits to the UK economy such as job creation, import substitution, exports and opportunities for local contractors.

And

The "Invest in Britain Bureau", which is part of the Department of Trade and Industry, actively seeks and encourages inward investment in Britain. It holds seminars abroad which local businessmen are invited to attend (450 attended one in Japan last October). It then organises inward missions where groups of a dozen or so businessmen are invited to the UK to visit the regions and find out more about what we have to offer.

The greatest recent inward investment success stories have been from Japan. The first Japanese manufacturer, YKK, came to the UK in 1972. Since then 183 more have followed. Of these, 50 came in the first 15 years and the rest (133) in the last 5 years. Staffordshire has played its part with investments by Showpla Plastics, NTN Bearings and others.

But

Of the total Japanese investment in the EC, we have 41%. there is still scope for improvement as this figure represents

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