LONDON, May 16 (Reuters) – Britain’s trade minister Liam Fox
will invite overseas investors on Thursday to submit bids for
financing 30 billion pounds ($40 billion) of projects to help
the world’s sixth-largest economy cope with the upheaval of
leaving the European Union.

Britain is trying reinvent itself as a global trading nation
and improve economic ties with countries outside Europe as the
government prepares to leave the EU next year.

Investors will be offered the chance to fund 68 projects
across 20 sectors of the economy, including technology, housing
and retail, and many of the projects are outside London in less
affluent parts of Britain.

The Department for International Trade will promote the
projects to investors overseas and more will be added in the
coming months.

“This is a bold and ambitious programme, building on the
UK’s position as the leading destination for foreign investment
in Europe,” Fox said in a statement.

Prime Minister Theresa May has made infrastructure spending
a cornerstone of her industrial strategy, a hands-on approach to
business that had largely been abandoned by her Conservative
predecessors from the time of Margaret Thatcher in the 1980s.

Britain lagged every other G7 country in terms of growth
last year and has been outpaced by the euro zone ever since the
referendum to leave the EU in 2016.

Global foreign direct investment into Britain shrank by 90
percent to $19.4 billion last year, according to United Nations
data. However, this did come against unprecedented investment in
2016 led by some mega-deals.

The Confederation of British Industry’s Director General
Carolyn Fairbairn welcomed the Department for International
Trade’s announcement.

This will “be a vital tool to attracting even more capital
to the UK, enabling the benefits of free trade and investment to
flow into our communities,” Fairbairn said.

(Reporting By Andrew MacAskill; editing by Stephen Addison)

(c) Copyright Thomson Reuters 2018. Click For Restrictions – https://agency.reuters.com/en/copyright.html





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