In his speech today at the WEF in Davos, British Prime Minister David Cameron encouraged the UK and the West to take back jobs and factories from Asia. This movement, which has already begun, will boost Western economies, he said.
In a move to further encourage this existing trend, UK Trade & Investment (UKTI), in conjunction with the Manufacturing Advisory Service (MAS), will launch Reshore UK, a program designed to assist the many UK companies now looking to bring manufacturing, software, textile production, and call centre work back to the UK.
Cost, quality and the reduction of lead times are the primary reasons why companies want to come home
“This new service will offer dedicated support for businesses that want to capitalise on the opportunities of reshoring, creating new jobs and ensuring that hard-working people can reap the benefits of globalisation,” said Cameron in his address at the forum.
“Reshoring is a huge opportunity for UK manufacturers and we are delighted to be working in partnership with UKTI to give both domestic and international firms access to this one-stop service,” said Steven Barr, Head of the MAS, in a government press release.
Combining competitive corporate tax rates, stable economy, strong legal frameworks, good regulation and a dynamic labour market, reshoring businesses looks more attractive than ever. Cost, quality and the reduction of lead times are the primary reasons why companies want to come home. So far, UKTI has identified 1,500 reshored manufacturing jobs since 2011.
Cameron is confident about the UK’s dynamism in the global context. “We are a global nation with global interests and a global reach, and if you think all of this is somehow an unashamed advert for the UK and UK business you’re absolutely right,” he said.