MEB outlines UK business advantages ahead of London trade mission
From l to r, Guillaume Rose, Executive Director of the MEB; Eric Blair, Honorary Consul of the United Kingdom in Monaco; Jo Hawley, His Majesty's Deputy Trade Commissioner for Europe at the British Embassy in Paris; Justin Highman, Deputy Director General of the MEB - Photo MEB
The Monaco Economic Board (MEB) organised a conference on Monday, 22nd April, at the Castelroc restaurant, as a preamble to its upcoming trade mission to London from 10 to 12 June.
The MEB wanted to enlighten its members as to the challenges and opportunities since the United Kingdom left the European Union.
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Jo Hawley, His Majesty’s Deputy Trade Commissioner for Europe and Country Director for Business and Trade in France at the British Embassy in Paris, came to Monaco to speak about the business environment in the UK, the opportunities available and the business potential between the two countries.
Seeking to “explain a few misunderstandings about the economy”, she pointed out that since the 2016 ‘Brexit’ referendum, British GDP has grown more than that of Germany and as much as that of France, and forecasts are positive for the next few years.
Unicorns worth over £1 trillion
She also mentioned the revival of British industry and the government support provided to small and medium business, which represent 99% of the private sector. While there are stories of jobs migrating from the City to continental Europe, she says London’s financial power “continues to prosper, thanks in particular to the 73 free trade agreements signed with various countries, the agreement with the European Union and the forthcoming integration into the CPTTP transpacific partnership agreement”. She highlighted London’s expertise in fintech and, and new technologies in general. All of which is of potential interest to Monegasque companies: “After the United States and China, the United Kingdom is the country that has seen the birth of the most unicorns – 140 to date, valued at over £1 trillion. Artificial intelligence, cybersecurity, semiconductors, clean energies such as hydrogen and quantum technologies are among our priorities,” said the diplomat.
With a general election on the cards by January 2025 at the latest, Jo Hawley believes that any change of government would not have significant repercussions for business. “The current government and opposition have moderate approaches, and the UK business community is calm on this issue,” she said.
A question-and-answer session followed her presentations. A networking lunch enabled attendees to forge new links and learn more about each other. Most have already signed up for the fully-booked June mission comprising nearly fifty companies, an indication of the strong interest the Monegasque business community takes in the United Kingdom.