Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Culture, Media and Sport, what steps she is taking to encourage foreign investment.

This Government is committed to encouraging international investment to drive economic growth. DCMS’s work to promote investment into the culture and creative industries, media and sport sectors is an important part of this.

Most recently, through the Creative Industries Sector Plan we committed to provide £10 million to expand the National Film and Television School which will unlock £11 million of private investment, including from major overseas companies. We have also recently brought together sporting stakeholders and investors in the third annual One Goal Investment Symposium to highlight opportunities for foreign investment into the sport sector.

The whole Government uses its international engagements to encourage investment from overseas, India being a prime example. On her visit to India earlier this year, the Secretary of State signed a cultural cooperation agreement that will boost cultural exchange and encourage long-term institutional partnerships. On the Prime Minister’s recent visit to India, with a large business and cultural delegation, we secured a commitment from Yash Raj Films to bring new productions to the UK, attracted to the UK by our skillsbase and competitive tax system. This will create over 3,000 jobs and boost the economy by millions of pounds. On the same visit, the Government announced that the Science Museum has received an unprecedented eight-figure donation from the Serum Institute of India to support the transformation of one of the museum’s most iconic spaces.