Source · Select Committees · Foreign Affairs Committee
Recommendation 9
9
Given the complex and transnational nature of the global investment landscape, the UK cannot operate...
Recommendation
Given the complex and transnational nature of the global investment landscape, the UK cannot operate alone on this matter. The Government should cooperate on FDI screening with other countries with whom we share values and strategic objectives. We recommend that the FCDO seeks to play a leading role in bringing together countries and partners from overseas and in building alliances to make sure investment vehicles in one country aren’t used as a Trojan horse in others. (Paragraph 54) Transparency and reporting
Government Response
Acknowledged
HM Government
Acknowledged
The FCDO already works closely with several countries (e.g. USA, France, Australia, Germany and Italy) who have similar investment screening regimes in place. Our Embassies have discussed this at senior level with key partners and host governments to ensure that there is good understanding of the rationale behind the NSI Act and the processes that we are putting in place to implement it. This is an ongoing discussion. We are continuing to promote our work on investment security, and to encourage countries that do not yet have similar investment security regimes to follow our lead in this area. We are continuing to explore additional ways to further our co-operation with like-minded partners and allies. The FCDO’s work complements, and is complemented by, the work of other Government partners including BEIS and MOD, and our conversations and cooperation with Five Eyes, and G7 partners including through the Investment Security Experts Group (ISEG). This cooperation has been invaluable in the development of the UK’s investment screening reforms. The Government will continue to learn from our partners, share best practice, and tackle shared risks alongside our international partners.