An insightful Freedom of Information (FOI) request, spearheaded by law firm Irwin Mitchell, has unearthed a crucial detail about the UK Government’s forthcoming foreign direct investment (FDI) strategy. The revelation highlights the imminent launch of the Ministerial Investment Group (MIG), set to bolster the nation’s strategic investment approach and elevate foreign investment levels.
Initially announced six months ago, the Ministerial Investment Group aims to address the shortcomings outlined in the government-commissioned Harrington Review, which criticised the UK’s approach to FDI. Chaired by the Chancellor, this group is poised to play a pivotal role in driving the government’s strategic vision for FDI, aligning with key priorities outlined in response to the Harrington Review.
Following meticulous preparations by various departments, the inaugural meeting of the Ministerial Investment Group is scheduled to convene in late spring. This development highlights a concerted effort to establish robust terms of reference, governance structures, and a comprehensive policy agenda for deliberation.
Bryan Bletso, a partner at Irwin Mitchell specialising in advising overseas businesses seeking UK investment opportunities, emphasised the transformative potential of the Ministerial Investment Group. With a focus on enhancing strategic investment approaches, expediting investment opportunities, and fostering increased foreign investment levels, the MIG aims to redefine the UK’s stance on FDI.
Aligned with the government’s overarching growth sectors, including Green Industries, Advanced Manufacturing, Life Sciences, Digital Technology, and Creative Industries, the MIG heralds a new era of targeted and disciplined investment promotion.
As the UK gears up to unveil its revamped FDI strategy, the imminent launch of the Ministerial Investment Group signals a concerted effort to bolster the nation’s investment landscape and reinforce its position as a prime destination for foreign investment.
