Source · Select Committees · Business and Trade Committee
Recommendation 13
13
Accepted
Paragraph: 121
The UK is missing out on inward investment at a crucial time for the semiconductor...
Recommendation
The UK is missing out on inward investment at a crucial time for the semiconductor industry, and we are competing with other countries. The Government should secure partnerships via the US CHIPS Act, and engage with Taiwanese and other major companies to secure significant inward investment in the UK.
Government Response Summary
The government states that DBT is already supporting businesses in attracting investment and entering new markets, including expanding the High Potential Opportunities tech programme and the Digital Trade Network in Taiwan; international partnerships are at the heart of their approach.
Paragraph Reference:
121
Government Response
Accepted
HM Government
Accepted
Through the Department for Business and Trade (DBT) the Government is already supporting businesses in attracting the right kind of investment and entering new markets. DBT has recently expanded its High Potential Opportunities tech programme, to drive foreign direct investment into emerging sub sectors including compound semiconductors. DBT also has a dedicated Science and Technology Directorate focused on supporting the international expansion of UK companies in the NSTC priority technology sectors, including semiconductors, and is expanding the work of the Digital Trade Network (DTN) in Taiwan. Through the National Semiconductor Strategy, international partnerships are at the heart of our approach. New, dedicated outreach with our international partners will encourage new partnerships and investment (including the US, Republic of Korea and Japan). These initiatives will enable new collaborations, support businesses to increase trade and investment and foster innovation. We will also promote the sector, using London Tech Week 2023 to bring the sector, government and investors together and highlight the potential of the UK’s sector.