Twelve new investment zones announced
Chancellor Jeremy Hunt announced eight investment zones in England in his latest budget last week, with twelve zones in total across the UK.
The number was in question with 200 being the initial ambitious reported amount, as part of the ‘levelling up agenda.’
The low-tax, low regulation zones in England will be located in East Midlands, Greater Manchester, Liverpool City Region, the North East, South Yorkshire, Tees Valley, West Midlands, and West Yorkshire.
The location of the other four zones in other countries in the UK are to be announced.
UK Quantum Strategy
The UK Government has announced a 10-year vision to become a leading quantum-enabled economy. It has spent £1 billion since 2014 through the UK National Quantum Technologies Programme (NQTP) on skills development, attracting investment, developing capabilities and strengthening the supply chain.
You can read the full strategy here.
What is RCEP?
RCEP is the Regional Comprehensive Economic Partnership signed in November 2020 by 15 countries in Asia-Pacific which account for 30% of the world’s GDP. It is the largest trade bloc in history.
It was proposed by China to oppose the TPP which was a trade agreement being led by America that it has since withdrawn from. India decided not to join the RCEP as it would be disadvantageous to some of its industries.
RCEP advocates say that 65% of goods will reach zero tariffs and that members will make up more than 50% of global GDP by 2050.
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REPORT: Navigating FDI rules by country
The most recent FCI report from White & Case outlines guidance to navigating new FDI rules per country.
The compliance and legislation load has increased heavily in the past year and appears to be continuing to increase. The guide covers 41 countries with detail on updates, who files, what is likely to be reviewed, scope of the review, review process timeline, how foreign investors can protect themselves, and looking ahead – the macroeconomic outlook for that country.
Read more https://www.jdsupra.com/legalnews/foreign-direct-investment-reviews-2023-4720368/
Sweden joins FDI screeners
Sweden is the latest country to implement legislation restricting FDI. Linklaters says “the trend of protectionism has reached Sweden” and from their article the rules are restrictive and apply to many sectors and will apply to deals that are closed after 1 December 2023. The article warns that as Sweden is new to FDI screening and the rules are tight investors could be in for a long wait or bumpy ride.
Sweden ranks 14th in the global FDI recipient table. It is 10th in the Ease of Doing Business ranking and its main exports are cars, medicines and petrol. Sweden is the 22nd largest economy in the world.
Featured image © Paul via Wikimedia Commons