Member Article

Business secretary says IFB can be catalyst for growth

Business Secretary Vince Cable says the International Festival for Business 2014 will be an important step in the drive to rebalance the economy and promote growth in the UK’s regions.

Dr Cable, who joined business leaders, academics and experts to debate the future of manufacturing in the Liverpool city region, was speaking following a briefing on the festival from Liverpool Mayor Joe Anderson and IFB Chairman Max Steinberg.

He described the event as being like the “Edinburgh Festival for Business” and said he was hugely impressed by the programme for the festival, which takes place in June and July next year in the city region.

The Business Secretary said it was vital that regional businesses took advantage of the opportunities which the festival would present for those wishing to expand and engage in overseas trade. He added that the clear signs of recovery in the UK and global economies meant that IFB2014 could be a perfectly timed springboard for companies to accelerate those growth ambitions.

Dr Cable addressed more than 250 representatives from the city region’s manufacturing, research and innovation sectors at a major conference organised by the Local Enterprise Partnership. The sector provides around 53,000 jobs and contributes £2.7bn to the city region’s economy.

He received a briefing on IFB progress from Mayor Anderson and Mr Steinberg, who were joined by UKTI North West regional director Clive Drinkwater in updating Dr Cable on the festival programme and event planning.

The Government-backed IFB will see a global 250,000-strong business audience arrive in the city over seven weeks in June and July next year when events will be staged across the region. It will connect UK businesses to new markets, products and partners and will be a global showcase of British industry.

Dr Cable said: “The International Festival for Business will be a catalyst for businesses from all sectors to accelerate their expansion plans and their international trade aspirations. We are seeing encouraging signs of recovery in the economy and, while there is as still a long way to go, the IFB will be the perfect opportunity for businesses which are feeling increasingly confident about their growth prospects.

“It’s important, therefore, that we get the message out that the IFB is not just for large corporates but can also deliver benefits to SMEs, not just from the manufacturing sector but from other sectors too.

“The festival’s focus on driving international trade is equally important because SME-driven export has a major contribution to make to a broad-based economic recovery and because export markets continue to represent a significant opportunity for UK businesses.

“I am therefore delighted to back the festival and think it’s essential that business from across the North West region – Manchester, Lancashire, Cheshire, Cumbria – engage organisers and use the festival to help drive their own ambitions.

“It’s important that we see growth in the real economy and in the regions – not just London – and it’s right that Liverpool and the North West be at the heart of that recovery.”

Max Steinberg CBE, Chair of IFB2014, added: “Dr Cable’s support is in line with the unequivocal backing we’ve had from all levels of Government on this project. Our plans for the festival are gaining momentum, with new partners and events being confirmed on a weekly basis.”

Liverpool Mayor Joe Anderson said: “We are delighted with the Government’s backing IFB2014 and believe our plans for the event are evidence of Liverpool city region’s dynamic and proactive approach to economic development and the fostering of enterprise. We’re extremely confident the city will wow visitors and delegates next year and that IFB2014 will be another step on the road to economic recovery.”

British business champions and prominent entrepreneurs have also pledged their support for the festival. New Ambassadors for the Festival, include John Cridland CBE, Director General of the Confederation of British Industry, and Terry Scuoler, Chief Executive of EEF, the manufacturers’ organisation.

IFB forms a key part of the government’s ambition to promote economic growth, rebalance the economy and double UK exports by 2020. Millions of pounds will be injected into the Liverpool city region economy through event management activity and the spending of delegates and visitors.

The Festival will also coincide with the staging of The Open Championship at Royal Liverpool Golf Club, Hoylake, which will attract millions of TV viewers and hundreds of thousands of spectators.

This was posted in Bdaily's Members' News section by Simon Malia .