By Marcus Leach
Lord Green has welcomed greater trade relations with West Coast of America, on the first day of a seven-day visit to promote trade and investment.
During his visit, that lasts until the 17th May, he will meet business leaders in San Francisco and Los Angeles.
The visit includes meetings led by Lord Green to ensure enhanced co-operation with California on issues including High-Speed Rail and investment in the UK’s Tech City.
The UK and US enjoy a very close commercial relationship. British companies investing in the US, for example, support nearly one million American jobs with an average salary of more than $70,000.
On Tuesday UK Trade & Investment (UKTI) launched its five-year strategy. As part of this their aim is create up to 750 inward investment projects globally each year.
Last year, 484 US companies invested in the UK. UKTI hope that many more US companies will follow in their footsteps and take advantage of the extensive support we offer to help them expand profitably into the UK. More than a quarter of all US investment in the EU goes to the UK.
“The UK’s trade relations with the US remain strong and both countries are committed to driving forward balanced economic growth," Lord Green said.
“My visit to California will be an opportunity to support this relationship and meet many UK and US companies investing in our two countries.
“California and the UK are focussed on nurturing a dynamic, low-carbon economy. I want to share our knowledge and commitment to growing the talent that will deliver strong innovative companies in high-growth industries such as those taking root in the UK’s Tech City.”
The Government last year announced its blueprint for technology — this includes plans to develop Tech City in East London. Tech City is already a beacon for many technology, digital and creative companies such as Last.fm, Dopplr, and TweetDeck.
London's Tech City has grown from some 15 high-tech companies in 2008 to around 200 today in Europe’s fastest-growing technology hub.
The UK’s combined IT and creative industries sector is one of the most vibrant in the world and employs more than three million people and contributes more than £83bn to the UK economy.