2010 to 2015 government policy: UK prosperity and security: Asia, Latin America and Africa
Updated 8 May 2015
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This is a copy of a document that stated a policy of the 2010 to 2015 Conservative and Liberal Democrat coalition government. The previous URL of this page was https://www.gov.uk/government/policies/strengthening-uk-relationships-in-asia-latin-america-and-africa-to-support-uk-prosperity-and-security Current policies can be found at the GOV.UK policies list.
Issue
Economic and political weight is shifting east and south. This means that fast-growing economies in Asia, Latin America and Africa are essential to our interests.
The government wants to increase Britain’s prosperity and security by improving links with the economic and political powers of tomorrow. We are helping these markets grow so UK business can enjoy the mutual benefits of trade and investment.
Actions
The government has already reallocated resources to boost the UK’s presence in the fastest-growing parts of the world. Ministers across government are planning their overseas travel strategically to meet influential politicians, business and community leaders in the fastest-growing parts of the world, and host them when they visit the UK. These meetings concentrate on building links, including trade and investment.
The Emerging Powers Fund launched in autumn 2012, supporting projects to the value of £1.8 million over 3 years to build links with the fastest-growing parts of the world.
The Prosperity Fund was launched in April 2011 so that the UK can create the conditions for sustainable global growth and development. In its first year the fund gave £19.4 million to 248 projects in 14 countries and regions to build links with the fastest-growing parts of the world. In 2012-2013, the fund was allocated £19 million in 15 countries and regions.
UK Trade & Investment (UKTI) launched its new strategy Britain open for business in May 2011. It explains our plans to provide practical support to exporters and inward investors over 5 years - including winning high-value overseas opportunities for UK businesses. The Business Charter launched alongside the UKTI strategy, shows how the government supports UK business abroad - including the fastest-growing parts of the world.
In every overseas post, Foreign & Commonwealth Office (FCO) staff undertake press and communications work, which includes building relations with local media, and communicating the advantages of investing in and trading with the UK. A small London-based team works with the 1,700 London-based international media to ensure they understand the UK’s economic strengths.
The FCO operates websites in 53 local languages around the world. These websites attract 10 million visitors every year. These platforms are used to champion the UK’s reputation.
Background
Since publishing the white paper on Trade and investment for growth in February 2011, the government has:
- supported businesses to secure more than £800 million of high-value opportunities overseas
- helped more than 20,000 small and medium-sized enterprises to export and break into new high-growth markets like India, China, Brazil and Turkey
- launched new export finance products to support smaller businesses to sell their products abroad
- introduced Strategic Relationship Management for large UK exporting firms and important inward investors
- worked with the World Trade Organisation to agree Russia’s accession, after 18 years of negotiations
The trade and investment for growth white paper: Progress and achievements in year one explains the progress made against the commitments in that white paper as part of the government’s effort to rebalance the UK economy through trade and investment.
The FCO’s Business Charter, launched in May 2011, describes the support the FCO provides to British businesses, helping them to identify and pursue new opportunities overseas, manage risks and build relationships abroad.
Appendix 1: Prosperity Fund programme
This was a supporting detail page of the main policy document.
The Prosperity Programme is the Foreign and Commonwealth’s fund to tackle climate change, strengthen energy security and promote an open global economy in key emerging economies.
Find out more about the Prosperity Fund programme.