Asked by: David T C Davies (Conservative - Monmouth)
Question to the Department for International Trade:
What recent assessment he has made of trends in the level of inward foreign direct investment.
Answered by Graham Stuart
With your permission Mr Speaker I will answer question 10 together with questions 13. The UK remains the top destination in Europe, and third in the world for foreign direct investment. By the end of 2017, UK inward FDI stock levels reached £1,337bn, a record for the UK.
In addition to publishing annual analysis of DIT’s FDI performance as Official Statistics, we recently published one of the most comprehensive analyses of the economic impact of FDI in the world, highlighting the benefits of FDI to the UK.
Asked by: David T C Davies (Conservative - Monmouth)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, how much foreign direct investment there was into the UK from the Republic of Ireland in the last year for which figures are available.
Answered by Graham Stuart
In 2016/17 the Department for International Trade recorded a total of 56 foreign direct investments into the UK from the Republic of Ireland with the creation of 2,914 new and 751 safeguarded jobs.
Asked by: David T C Davies (Conservative - Monmouth)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, whether his Department has made an assessment of the adequacy of the memorandum of understanding signed between the Regeneration Investment Organisation and Aventa Capital.
Answered by Greg Hands
A Memorandum of Understanding (MoU) is a high-level arrangement, which is not legally binding, and enables the participants to work together toward a desired outcome. Between the period April 2014 to October 2015, the Regeneration Investment Organisation (RIO) negotiated MoUs with seven companies. Only one of those MoUs remains in place.
Aventa is a regeneration investor and comprises a regulated asset management company and a vehicle for managing early stage development and construction risk. The Regeneration Investment Organisation and Aventa Capital MoU was developed in October 2014 to support Aventa’s work in seeking to develop a regeneration fund and thereby encourage institutional investment into UK regeneration projects. The Department felt the proposal covered by the MoU was viable given Aventa’s sector and management experience.
There was no commitment on the part of RIO to provide any capital or resource in connection with the agreement. In addition, any recommendation from Aventa would have been reviewed and subjected to due diligence by the developer as a commercial partner. The MoU was concluded, by mutual agreement, following meetings with officials during December 2014.
Asked by: David T C Davies (Conservative - Monmouth)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, how many companies have signed memoranda of understanding with the Regeneration Investment Organisation.
Answered by Greg Hands
A Memorandum of Understanding (MoU) is a high-level arrangement, which is not legally binding, and enables the participants to work together toward a desired outcome. Between the period April 2014 to October 2015, the Regeneration Investment Organisation (RIO) negotiated MoUs with seven companies. Only one of those MoUs remains in place.
Aventa is a regeneration investor and comprises a regulated asset management company and a vehicle for managing early stage development and construction risk. The Regeneration Investment Organisation and Aventa Capital MoU was developed in October 2014 to support Aventa’s work in seeking to develop a regeneration fund and thereby encourage institutional investment into UK regeneration projects. The Department felt the proposal covered by the MoU was viable given Aventa’s sector and management experience.
There was no commitment on the part of RIO to provide any capital or resource in connection with the agreement. In addition, any recommendation from Aventa would have been reviewed and subjected to due diligence by the developer as a commercial partner. The MoU was concluded, by mutual agreement, following meetings with officials during December 2014.
Asked by: David T C Davies (Conservative - Monmouth)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, what factors Ministers in his Department took into account when signing a memorandum of understanding with Aventa Capital in 2014.
Answered by Greg Hands
A Memorandum of Understanding (MoU) is a high-level arrangement, which is not legally binding, and enables the participants to work together toward a desired outcome. Between the period April 2014 to October 2015, the Regeneration Investment Organisation (RIO) negotiated MoUs with seven companies. Only one of those MoUs remains in place.
Aventa is a regeneration investor and comprises a regulated asset management company and a vehicle for managing early stage development and construction risk. The Regeneration Investment Organisation and Aventa Capital MoU was developed in October 2014 to support Aventa’s work in seeking to develop a regeneration fund and thereby encourage institutional investment into UK regeneration projects. The Department felt the proposal covered by the MoU was viable given Aventa’s sector and management experience.
There was no commitment on the part of RIO to provide any capital or resource in connection with the agreement. In addition, any recommendation from Aventa would have been reviewed and subjected to due diligence by the developer as a commercial partner. The MoU was concluded, by mutual agreement, following meetings with officials during December 2014.