Sir Andrew Cahn, the Chief Executive of UK Trade & Investment (UKTI) left Australia yesterday after a whirlwind few days in Sydney and Melbourne promoting British business links with Australia.
With some very strong recent figures coming out of the UK, Sir Andrew was bullish about the UK’s economic prospects:
“When you take the latest second quarter growth figures of 1.3 per cent and combine that with the growth in exports of 15.5 per cent and the recent drop in unemployment, then things are looking very good indeed for the UK. Of course it’s not going to be a quick recovery, and no doubt there’ll be setbacks along the way, but things are certainly looking positive.”
He also emphasised the very strong focus the new government had on cutting the UK’s budget deficit and stimulating economic growth.
“David Cameron has been very clear that the catchphrase for the new Government is ‘the UK is open for business’ and he is certainly putting business interests at the heart of Government.”
Sir Andrew drew parallels between the trade and investment policy of the UK and Australia. He said that the UK, like Australia, was looking hard at the tremendous opportunities in India and China and the other fast emerging economies, but shouldn’t forget about its traditional trading partners like Australia where very strong business links and further opportunities existed.
The UK is the second largest investor in Australia (worth AU$24.3 billion) and Australia’s fifth largest trading partner (worth AU$498.6 billion). Despite the global economic downturn, UK foreign direct investment into Australia increased by AU$1.8 billion in the year to December 2009.
In a jam-packed few days in Australia, Sir Andrew Cahn met the NSW Premier Kristina Keneally and the Head of Austrade Peter Grey as well as leading business people from Australian and British companies. Sir Andrew was also the keynote speaker at the Australian British Chamber of Commerce’s (ABCC) centenary ball in Sydney and a special ABCC lunch event in Melbourne.
Photo: Sir Andrew Cahn, Chief Executive of UK Trade & Investment (UKTI) and Darren Cocks, NSW Business Chamber. Image by UKTI Australia (2010).
For more photos of Sir Andrew Cahn on his trip to Australia contact
Nikki Williams, UK Trade & Investment, Sydney
T: +61 (0)2 8247 2220 or Nikki.Williams@fco.gov.uk
Search the news archive