Former trade minister Lord Green appointed President of the Institute of Export & International Trade
Former trade minister Lord Green of Hurstpierpoint has been appointed President of the Institute of Export & International Trade (IOE&IT).
Lord Green will be tasked with driving the strategy and vision of the Institute and boosting the UK's exporting scene, as Britain soon begins the process of leaving the European Union – with Theresa May pledging to trigger Article 50 by the end of March.
He takes the reins from James Davis, who stepped down last year after spending over 20 years in the role.
Lord Green was trade minister from 2011 to 2013, responsible for attracting international investment and promoting UK industry overseas, as well as supporting businesses both large and small in looking towards international opportunities.
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Prior to that he was group chairman at HSBC from 2006 until 2010.
Lord Green said:
The Institute of Export & International Trade is one of the nation's best kept secrets.
Their range of qualifications from 16 through to Masters is professionalising international trade and brings the highest level of expertise and education in skills most needed in the UK today.
This knowledge is building business competence and in turn confidence to trade internationally. As we look to new markets across the world I am proud to be a champion of this much needed resource for UK businesses.
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IOE&IT director general, Lesley Batchelor OBE, said: "Lord Green's powerful reputation in international commerce is second to none and he joins the board at a formative period for the Institute, whose remit to boost the UK's exporting drive and economic recovery has taken on an unprecedented importance as we prepare to exit the EU."
It comes after a new study by accountancy group UHY Hacker Young found that the UK is losing out on foreign direct investment (FDI) due to the uncertainty following last year's Brexit vote.
The study, which looked at FDI inflows last year in 45 major economies, found the amount of investment fetched by the UK is lagging behind the global average by 18 per cent.
Britain attracted $50.4bn (£40.3bn), or 1.8 per cent of GDP, worth of FDI last year compared to the global figure of 2.2 per cent of total GDP.