The UK government has announced that it will host a significant International Investment Summit on 14 October 2024, aiming to advance its national growth agenda and attract global

investment.

Prime Minister and key Cabinet members will bring together up to 300 industry leaders to emphasize that the UK is "open for business" as part of the government's effort to rejuvenate international trade relationships and foster a pro-business environment. This initiative aligns with the Chancellor’s strategy to boost economic growth through substantial investment.

The summit will highlight modern Britain and provide a platform for global business leaders to hear directly from the Prime Minister and senior ministers about the UK’s commitment to driving future investment. This announcement follows a notable rise in business confidence in July, marking the highest level in eight years. Recently, the Phoenix Group and global investment firm Schroders revealed plans to launch a new private markets investment manager, with up to £2.5 billion expected to be invested over three years, including an initial £1 billion commitment.

The UK, boasting Europe’s largest tech ecosystem, leads the continent in ‘unicorn’ companies and attracted £860 million in venture capital investment in 2023-2024. This robust economic environment makes the UK a prime destination for investors looking to capitalize on emerging technologies and growth opportunities.

Jonathan Reynolds, Business and Trade Secretary, emphasized the government's focus on sustainable and inclusive growth. He noted that the summit is a critical opportunity to engage with top global businesses and investors, fostering long-term relationships that will drive future investment into the UK. Reynolds highlighted the UK’s readiness to support a wide range of industries, from film studios to green energy.

Chancellor Rachel Reeves reiterated that growth driven by stability, investment, and reform is a top priority. She outlined recent government actions, including the establishment of a National Wealth Fund to support green and growth sectors, lifting the ban on onshore wind, and reforming the planning system to better facilitate investment.

The National Wealth Fund aims to streamline support for businesses and investors, ensuring transformative investments across the UK. The summit will be a key milestone in the government’s growth strategy, reinforcing the UK’s position as a leading global trading center and setting the stage for sustained economic growth.

Scheduled just two weeks before the budget, the summit will further solidify the UK’s reputation as a stable and attractive place for investment, highlighting the country’s commitment to long-term economic prosperity. Photo by Soccerex, Wikimedia commons.