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Jones: Invest in knowledge

Ben Rooth
5/10/2008

LORD Jones has issued a clarion call to business leaders in the north west to invest in 'knowledge' as they find themselves competing increasingly against the might of Asia.

The trade and investment minister's final speech in Manchester made clear his views that China will become the world's leading economic force in the 21st century adding that Britain is in an ideal position to maximise the opportunities that this brings.

He also urged delegates gathered at the CBI's markets and globalisation conference not to give the financial services sector "a good kicking" as the world gets to grips with the credit crunch.

Lord Jones called on business leaders to embrace the new opportunities that now present themselves

"When it comes to manufacturing, the UK has brand, quality, innovation and value-added - these are things that we must now capitalise on," he said.

"We live in incredibly difficult economic times and what is important is that this nation understands how suitable and suited it is in this changing world.

"We've got so many good manufacturers in the north west and all over Manchester who are producing goods, adding value to them and selling them onto Asia.

"The Asian market will keep us going as they are our purchasers.

"So although there are problems in both Europe and America, this is the time for steady haste and no knee jerk reactions."

Lord Jones added that it is his belief that enterprise in the 21st century will flourish around knowledge - and this is another area where the north west can excel.

Knowledge

He added: "Knowledge is the currency of power in the 21st century and that's the only way that we will be able to take on and win against Asia.

"It will be the knowledge and ability to add value which will win through this century.

"Here in the north west, you are blest with some outstanding universities which will be at the fore of research in the future.

"You also have existing expertise and infrastructure in the nuclear sector and that will also stand you in good stead."

Lord Jones said that the financial services sector currently provides 10 per cent of this country's gross domestic product and Britain should avoid over-regulation as a `knee-jerk' reaction to the current financial crisis.

He added: "Financial services provides the life blood for the body corporate to do business.

"I'm very keen at this moment in time that we don't introduce huge amounts of regulation as a vitriolic reaction to what has happened to the financial markets.

"If we make Britain feel uncompetitive in financial services, it might feel like retribution but we will be playing right into the hands of our competitors and that certainly won't help us."