Latest news with #ModernIndustrialStrategy
Business News Wales
05-08-2025
- Business
- Business News Wales
Stronger UK-Turkey Ties Can Deliver for Welsh Businesses
Economic growth is the number one mission of the UK Government. Growth can only be achieved in partnership with businesses and through deepening our trading relationship with close partners like Turkey. By strengthening our economic cooperation, we lay the groundwork for securing vital investment, open new export opportunities for our innovative businesses and help create local jobs. Through their world-leading and pioneering businesses, our nations and regions have a key role to play in delivering growth for the whole of the UK. Recently I was in Wales, visiting vibrant examples of UK-Turkey collaboration. I was delighted to visit Shotton Paper Mill, one of the largest Turkish investments in the UK, valued at £1 billion, which is set to create hundreds of high-quality jobs in the area. The plant plays an important role in the circular economy by using 100% recycled paper. It also has an environmentally friendly production model as it purifies its own wastewater, recycling and reusing it in the system. A new Combined and Heat Power facility (CHP) is being developed in the mill to support the expansion of the operation. The CHP facility will supply highly efficient low-carbon energy to the mill, making it energy self-sufficient. The investment will help make the UK a net exporter of containerboard. This is one of many examples of how international investment can generate exciting projects and deliver local jobs, and why the UK Government is working hard to attract new international businesses into the UK. To underpin this ambition, the UK Government has recently launched the UK's Modern Industrial Strategy, a 10-year plan to promote business investment and growth. We want to make it quicker, easier and cheaper to do business in the UK, giving businesses the confidence to invest and create 1.1 million good, well-paid jobs in thriving industries. We already have a strong relationship with Turkey – this strategy will help to attract more investment into Wales like Shotton Mill, creating more sustainable and stable jobs for local people. Since my assignment to Turkey as the United Kingdom's Trade Envoy, I have been impressed by the sheer scale of opportunities for Welsh businesses. Turkey has a growing population of 86 million people, and last year alone, Wales exported £231 million worth of goods to Turkey. Trade between the UK and Turkey directly supported around 57,100 jobs across the UK in 2020, and I know this is a number that will continue to grow. In March, I travelled to Turkey and saw first-hand the commitment to the potential of our relationship and the growing business momentum we have built together. The trading relationship is already diverse – with collaboration in defence, energy, technology, financial services and investments in each other's countries, but a stronger trade relationship with this fast-growing economy will unlock new opportunities for Welsh businesses and contribute to jobs and prosperity in the UK. This is why the UK Government is undertaking negotiations for an enhanced Free Trade Agreement with Turkey, with the first round recently completing in Ankara. The UK's existing FTA with Turkey replicates the effect of the EU-Turkey Customs Union, but we want to enrich and diversify our trading relationship, as well as making it simpler and easier for Welsh businesses to sell to or buy from Turkey. This will create benefits not only for our major companies but also for SMEs on both sides. We are not asking Welsh businesses to embark on this mission alone. The Department for Business and Trade has experts in Turkey ready to help you make a success of entering the market. We also have financing support via the UK's export credit agency, UK Export Finance, and training available for those businesses who are new to exporting, and I would encourage any business interested in exporting to Turkey to get in touch via Our nations and regions are at the heart of UK industry and innovation. I want to see even more Welsh businesses taking full advantage of the opportunities in the Turkish market and even more Turkish businesses investing into Wales. I very much look forward to visiting Wales again in the future to witness first-hand the continuing success of UK-Turkey partnership.
Korea Herald
24-07-2025
- Business
- Korea Herald
Shinhan Bank eyes W3.7tr investment in UK by 2030
Korean financial provider Shinhan Bank held high-level talks in London on Tuesday with the UK Foreign, Commonwealth & Development Office to explore ways to strengthen investment cooperation between the public and private sectors. Shinhan Bank CEO Jung Sang-hyuk met with Catherine West, parliamentary under-secretary of state for the FCDO's Asia-Pacific region, to discuss future investment strategies aligned with the UK's Modern Industrial Strategy and 10-Year Infrastructure Strategy. The meeting builds on a memorandum of understanding signed with the UK Department for Business and Trade in November 2023. Since then, Shinhan Bank has invested 860 billion won ($627.5 million) in the UK. The bank now plans to expand its total investment to 3.7 trillion won by 2030, further cementing its role as a leading example of public-private financial collaboration. During a relocation ceremony for Shinhan Bank's London branch on Monday, the bank signed an additional MOU with UK Minister of State for Investment Poppy Gustafson to facilitate the expanded investment plan. The bank aims to deepen industrial and policy ties between the two nations through strategic financial engagement. 'We aim to support a diverse range of industries in the UK while accelerating Shinhan's global competitiveness,' a Shinhan Bank official stated. 'Our London branch will serve as a key financial hub across Europe, the Middle East and Africa, fulfilling a crucial bridging role in the EMEA region.'
Evening Standard
09-07-2025
- Business
- Evening Standard
Don't fear AI, it can help bridge the human skills gap
The measures to enhance AI skills and accelerate access to talent set out in the UK Government's Modern Industrial Strategy, published earlier this week, such as the new 'TechFirst' initiative, are steps in the right direction. Giving students and workers better access to digital and AI skills is critical. But the real impact will come when business leaders make this shift inside their organisations, every day.
Yahoo
07-07-2025
- Business
- Yahoo
HBD secures approval for phase one of $1.36bn Cheltenham project
Henry Boot's property investment and development arm, Henry Boot Developments (HBD), has secured outline planning consent for phase one of the Golden Valley project in Cheltenham, England. This marks a significant step forward for the 200ha regional regeneration project, which aims to provide approximately 2,500 new homes and 1.25 million square feet of commercial space. The outline planning consent enables the development of IDEA, the new 160,000ft² National Cyber Innovation Centre highlighted in the UK government's Modern Industrial Strategy. Additionally, the consent includes provisions for 576 residential units of various tenures to support Cheltenham's housing needs. HBD is preparing to commence construction later this year. The Golden Valley project, valued at £1bn ($1.36bn), is strategically located near the Government Communications Headquarters (GCHQ), the UK's intelligence, security, and cyber agency. The development is expected to create nearly 12,000 jobs and play a role in enhancing the UK's capabilities in AI, quantum technologies, and secure communications, contributing to national security and economic resilience. In 2022, HBD was appointed as a development partner for Golden Valley by Cheltenham Borough Council and submitted an outline planning application in October 2023. The project has garnered a £104m funding package, including a £20m contribution from the UK government, indicating public sector support and alignment with the UK's Cyber Security Strategy. The economic impact of Golden Valley extends beyond the immediate region, with potential benefits for Gloucestershire, South West England, and the UK as a whole. A separate outline planning application for an additional 443 homes is also pending determination, expected in the coming weeks. Henry Boot CEO Tim Roberts said: 'Securing planning permission marks a major milestone for both Henry Boot and the future of UK innovation. Golden Valley is a significant development and a superb example of public and private sector collaboration working well, committing regional investment that will strengthen the UK's capabilities in the highly important cybersecurity and emerging technology sectors. It is also testament to the expertise and dedication of our development team." GCHQ director of technology futures Dr Marsha Quallo-Wright said: 'We welcome this decision and are pleased to confirm our presence on this important project. We look forward to working alongside academia and industry to enhance our ability to address emerging security challenges, foster innovation and support the region's growth. "By strengthening these collaborations, we will tap into new expertise, share knowledge and help shape the skills needed for the future, all of which are vital to supporting our mission to keep the UK safe.' In December 2024, HBD announced a joint venture with Feldberg Capital to establish Origin, a UK-focused industrial and logistics platform. "HBD secures approval for phase one of $1.36bn Cheltenham project" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Herald Scotland
30-06-2025
- Business
- The Herald Scotland
Genuine opportunity for business but momentum at risk of stalling
We welcome the Chancellor's £86 billion commitment to science, technology and research, as well as funding for the vital Acorn Project in Aberdeenshire, and the £750 million restoration of the Edinburgh University supercomputer. These decisions will help cement Scotland's place at the cutting edge of global industries as well as generate jobs, boost regional economies, and spur commercialisation of ideas born in our world-class universities. The UK Government's plan to increase defence spending from 2% to 2.5% of gross domestic product (GDP) by 2027 also represents a significant economic opportunity for Scotland to expand the industrial base and create jobs in productive industries like advanced manufacturing. Our aerospace, defence, security and space sectors provide 430,000 jobs and the Acorn Project carbon capture and storage facility will create 15,000 more in construction alone - as well as making the Northeast a world leader in the low-carbon industry and attracting billions in private investment. By focusing on high-growth sectors like carbon capture, information technology (IT), biotechnology and life sciences, as well as increased defence spending, the Government is signalling the right priorities. Alongside the additional £2.9bn allocation for Scotland through the Barnett Formula, it's another shot in the arm for industrial growth. Scotland's businesses will be buoyed by the potential this unlocks. The UK Government's Modern Industrial Strategy, published last week, reinforced these investments with a plan ready for implementation. Scottish Chambers of Commerce (SCC) has long called for a joined-up approach to developing our major industries, and last week the Government indicated it was listening, giving a vote of confidence to Scotland's manufacturers and innovators. But let's be clear: without urgent, coordinated reform, this good news could be squandered if the headaches businesses face every day are not resolved: Soaring operational costs, including the hike in employer national insurance contributions (NICs) and the highest energy bills in Europe Inadequate business rates support, hitting our struggling high streets and the hospitality sector hardest The bureaucratic burdens and constraints in planning blocking progress on infrastructure projects and private investment The huge staffing and skills shortage thwarting our ambitions and ability to grow to meet current and future demand The Spending Review commitments can put the UK economy on a pathway to growth, but it's clear the Treasury needs more financial flexibility to invest in long-term assets such as transport, infrastructure, connectivity and logistics. The Chancellor should heed calls from the International Monetary Fund and leading economists to review the Government's fiscal rules. Read more Closer to home, it was encouraging to hear the First Minister, John Swinney, affirm his commitment at the Scotland 2050 conference to align policy with economic opportunity. Business desperately needs clarity and leadership, and we are starting to see this approach bear fruit. Earlier this month, EY reported that one in six UK investment projects were based in Scotland, underlining our nation's structural attractiveness to investors, second only to London. However, spending promises on building projects and transport infrastructure will amount to empty words without the necessary reforms to get the system moving at pace. Why does it currently take 58 weeks to process a planning application in Glasgow, yet just 16 weeks in Manchester? Worryingly, we are also forecast to need 700 additional planners to meet market demand with no clear plan to meet that number anytime soon. The cost of building is higher in Scotland than the rest of the UK, largely because of the Scottish Government's higher regulatory standards. Whilst this may be well-intentioned, some regulations are clearly becoming an impediment to growth. Strategic thinking is required to balance sensible regulation against economic necessity. Smart reforms are also needed across the public sector to ensure best practice and streamlined and simplified processes are aligned with key business priorities. These are all critical areas we must address if we are to maximise the opportunities for jobs and economic growth offered by the Spending Review. We simply have to take this positive momentum and capitalise on it. Read more The Scottish Government also outlined its budget priorities last week, pledging to expand borrowing for capital spending in construction and renewables, but with a welcomed emphasis on public sector reform. The Finance Secretary has expressed her intention to maximise every penny of investment through efficiencies and technical improvement, boosting productivity in the long term. This is something every sector of the economy stands to benefit from. While Scottish Government spending is significantly shaped by the Barnett Formula, which ensures that a population-based adjustment is made to align spending in devolved areas such as health or education, the Scottish Government has outlined clear priorities and a direction of travel to business. Westminster and Holyrood must now work in close collaboration to support these investments with a laser focus on delivery, removing obstacles to growth and finding solutions for businesses weighed down by spiralling costs and excessive regulation. The Scottish Chambers of Commerce and our Network are ready and willing to work in partnership with governments and help businesses navigate the business challenges and economic opportunities. Collaboration is the key to secure the growth and jobs we so badly need. Liz Cameron is chief executive of the Scottish Chambers of Commerce
