UK (Commonwealth Union)_ International Trade Minister Kemi Badenoch has stated that the UK needs invest in cutting-edge green technology to “future-proof” its economy.
In an address to the Environmental Investing and Trade Expo in Gateshead, Minister Badenoch emphasized the UK’s accomplishment during the previous two years in winning approximately £20 billion in green inbound investment and generating over 11,000 new employment. She presented statistics during the occasion that, according to reports, demonstrate the beneficial economic effects of investments in sustainable and clean energy.
Government statistics show that overall foreign investment produced approximately 85,000 new employment for individuals in the UK in 2021–2022, and by 2030, the government anticipates that £100 billion in private sector investments would support close to 500,000 new jobs. In a statement released prior to her speech, Badenoch said: “We know trade strengthens our economy, generates employment, and puts money in the pockets, but it also possesses capacity to confront the difficulties we see throughout the world.”
Now is the moment to invest in cutting-edge renewable technology, safeguard our long-term energy security, and generate thousands of employment in the sectors of the future in order to future-proof our economy. “I’m dedicated to keeping up the trade drumbeat for Britain in order to foster economic development and raise living standards for future generations,” the Minister said.
The provision of a £26 million financial package for the Northern Ireland-based bus manufacturer Wrightbus to encourage the export of zero-emission buses throughout the world was also announced by the government during the event.
Wrightbus CEO Joerg Hofmann said: “We are starting the next stage of our ambitious expansion strategy at Wrightbus, greatly increasing our export volume from our UK base and becoming one of the top battery electric and hydrogen bus manufacturers in Europe. Our route to future worldwide expansion will be greatly aided by UKEF’s support.”
