"Invest in the UK"... Johnson Extends Trade and Investment Invitation to Global Markets

Source = UK Department for International Trade

Source = UK Department for International Trade

Source = UK Department for International Trade

[Asia Economy Reporter Jeong Hyunjin] "Invest in Great Britain."

Following Brexit (the United Kingdom's withdrawal from the European Union), Prime Minister Boris Johnson has launched a sales campaign for the UK. This move aims to maximize the UK's independence and attract trade and investment. The UK government is focusing on strengthening its economic position in the global market under the goal of "Global Britain."

According to The Telegraph and others on the 4th (local time), the UK government launched the "Ready to Trade" campaign worldwide starting from the 1st, immediately after Brexit. Posters themed around manufacturing, agriculture, artificial intelligence (AI), and renewable energy have been displayed in newspapers and on billboards, conveying the message, "We are ready to trade with you."

The poster, shaped like the Union Jack, the UK’s national flag, particularly emphasizes the word "GREAT" from the UK's official name to highlight its identity as a separate country, not part of the EU. It also aims to encompass Northern Ireland, which had been a contentious issue due to the EU and safety mechanisms. This campaign is being conducted in 18 cities across 13 countries excluding Europe, including Seoul, New York, Tokyo, Shanghai, and Hong Kong.

Downing Street, the UK Prime Minister's Office, explained the reason for the campaign on the 31st of last month, ahead of Brexit, as "to deepen relationships with future global partners." This is interpreted as an effort to soothe concerns from overseas trade partners about the increased uncertainty in the UK economy following Brexit and to attract investment.

As of the 31st of last month, the UK, having separated from the EU, is conducting trade negotiations with the EU during the transition period lasting until the end of this year. Additionally, negotiations with major trading countries such as the United States, Japan, and Canada must also take place. According to BBC, as of 2018, 49% of the UK's total trade was with EU countries, while trade with non-EU countries such as Japan and Singapore accounted for about 40%. The remaining 11% involves UK trade under trade agreements made by the EU, of which about three-quarters have recently been separately agreed upon by the UK, according to BBC analysis.

Prime Minister Johnson is focusing on revitalizing the UK economy. This appears to be an effort to emphasize that the entire country can grow without relying on the EU. Alongside trade negotiations, he is actively working to create a business-friendly environment by promoting investment attraction and corporate tax cuts.

In particular, efforts are being made to invest in and create jobs in the economically underdeveloped northern regions of the UK. After the Conservative Party secured a victory in the northern England region, traditionally a Labour stronghold, during the December general election last year, Johnson promised to "repay the trust" by allocating more budget to healthcare, education, living standards, and security. The UK Treasury is considering infrastructure investments in northern England under the premise of addressing regional inequality. One foreign media outlet noted that the policies implemented by former Prime Minister Margaret Thatcher in the 1980s to revive the UK economy ultimately failed, and reported that "attention is focused on whether Johnson can reverse Thatcherism."

Johnson’s UK sales campaign can also be seen as an attempt to sever ties with the EU. According to The Guardian, UK Foreign Office staff are effectively prohibited from using Brexit-related terms such as "No Deal" or "transition period." Since Brexit has already concluded, expressions implying ongoing processes are all excluded. Furthermore, diplomats have been instructed not to mention that the relationship with the EU is "special" compared to other countries, and to emphasize that the UK’s top priority in negotiations is to restore economic and political independence after January 1 of next year, The Guardian reported.

This content was produced with the assistance of AI translation services.