Exploring the UK creative tech innovation system
Transcript of a speech by Dominic McAllister, British Deputy High Commissioner Bengaluru on 21 January
On behalf of the British Deputy High Commission in Bengaluru I’m pleased to welcome you to ‘exploring the UK creative tech innovation system.’
UK Trade and Investment, who have ably organised tonight’s event, exists to champion international business. They support UK based businesses to succeed globally as part of the UK government’s strategy for industry. UKTI work aligns with wider UK government objectives:
- to build awareness of the benefits of trade and investment to the UK;
- to secure for the UK a greater share of global export and investment markets; and
- to influence the business environment both domestically and overseas.
Tonight’s event will explore the innovation ecosystem in the UK, and specifically how a combination of world-class creative industries and emerging digital technologies is driving significant growth of new content, platforms and business models.
Production processes within the creative industries are often internationally distributed …and it is evident a UK / India axis is emerging. New joint platforms, including online, mobile and social media, are creating market opportunities and direct consumer relationships for creative businesses.
Our event tonight will focus on:
- the impact of digital;
- the next generation of tools which underpin global production and distribution; and
- new opportunities in the UK marketplace arising from the digital evolution of the creative industries.
We will also explore how Indian companies can collaborate to take advantage of these rapid changes that will generate new commercial opportunities.
Later you will hear from the leading edge creative companies: Technicolor, Adobe, Tata Elxsi and the UK Creative Industries Knowledge Transfer Network (KTN) on where the next generation of India / UK connections might lie, and where the future trends in creative technology is leading us. We have a distinguished panel…. The UK is at the heart of the innovation driving global growth in the digital economy. This position is supported by a diverse talent base and well-established digital clusters. UK creativity, coupled with ease of doing business, has encouraged investment by some of world’s biggest digital players. Google, Facebook and Amazon have all recently opened research and development hubs in the UK.
I’d like to share with you some key facts about the UK offer:
- the Gross Value Added of the UK creative industries was £76.9 billion in 2012/13 – Generating over £8.8 million an hour;
- the UK has the world’s second largest independent television production sector and is the second largest exporter of music in the world;
- advertising expenditure in the UK grew by 5.8 percent to reach £18.6 billion in 2014;
- UK consumers spent £3.94 billion on video games software, hardware and accessories in 2014;
- the UK fashion industry is worth £26 billion per annum to the UK economy;
- the UK is the largest exporter of physical books in the world;
- creative sector tax reliefs are generating a return of more than £6 billion a year for the UK economy.
How can UKTI help?
- UK Trade and Investment with access to expertise and specialists in the UK, can provide you with the tools required to be competitive on the world stage.
- we hand hold companies to set up and expand your operations in the UK.
- we offer a wide range of services which include: accessing market opportunities, relationship building, tax support, immigration support, and recruiting skilled staff in the UK. All the services are bespoke, highly professional and free of charge.
- once companies are established in the UK our strategic relationship management team ensures their investment is a success and helps overcome any challenges they may have. Major international investors may be relationship-managed by a UK government minister. We also ensure that the concerns of inward investors are heard across government and there is a cross-government approach to tackling issues or challenges that inward investors could face.
The UK remains the number one European investment location for Indian companies:
- 800+ Indian firms operate from the UK.
- In 2014-15 India was the third largest inward investor to the UK, in terms of the number of projects. 122 Indian companies set up offices in the UK or expanded their existing facilities.
- creative Indian companies like Tata Elxsi, Reliance Entertainment, Prime Focus, Vistaar, Toonz Animation, Dq Entertainments, and Zee TV all have presence in the UK.
The ‘UK/India GREAT for Collaboration’ campaign recently launched by Prime Ministers Modi and Cameron, will inspire new partnerships and encourage greater awareness of the scale of the UK’s commitment to India. The objective is to increase the level of business between our two countries. The campaign showcases and promotes collaborations of mutual benefit to India and the UK across a range of sectors, such as energy, healthcare, advanced manufacturing, financial services and infrastructure.
I would like to now play a video to share with you the bigger picture.
Thank you and I hope you all have a productive evening.