Leadership, governance and delivery

Leadership and delivery in the international arena

Looking forward, the world economy is likely to undergo radical transformation within the timescale of the regional economic strategy, with growth being driven by the improved performance of emerging economies, such as China, India, Russia and Brazil. The East of England and Greater South East can benefit from the growth of such economies, as mass markets for goods and services, as partners in science in innovation and as sources of highly skilled labour. However, it also means that the region has to strive to increase our international activity and deepen our relationships abroad.

The regional economy strategy therefore looks to achieve the following key results:

  • increased GVA resulting from international trade

  • increased numbers of businesses exporting and collaborating internationally and greater share of growing global markets

  • increased foreign direct investment, built upon the East of England as a global partner of choice for high value R&D and commercialisation.

Increasing the regional presence in global value chains and markets

Competitive advantage increasingly depends on the ability of firms and institutions to exploit networks and alliances across regions and nations. This includes the ability to capture and absorb external knowledge, information and innovation; attract key labour, mobile capital and external finance and engage in inter-firm and inter-region strategic alliances, collaborations and ventures.

There is a very strong correlation between the proportion and nature of companies trading in national and international markets and the overall performance of the regional economy. At the level of the firm, action is needed to:

  • increase the number of business leaders who recognise the benefits of trading internationally

  • equip firms with the knowledge and tools to operate in international markets and value chains

  • support businesses and universities in the developing international alliances for R&D and open innovation

  • attract foreign direct investment, which brings new employment and also contributes a new stock of innovative processes, skills and management practices that can help stimulate local economies and supply chains

  • provide intensive aftercare for incoming companies and embedding them in local and regional communities and economies

  • tailor skills programmes to meet the needs of firms trading in international markets

  • provide a supportive environment for companies seeking to expand in the East of England, in particular, reducing risk through an effective planning system.

Regional stakeholders, local authorities and the business community will need to ensure effective arrangements are in place for co-ordinated international activity. The region needs a coherent programme of activity to:

  • increase influence on European policy and realise greater access to European funding streams
  • further strengthen the international trade and investment offer, led at regional level by East of England International, in close conjunction with UK Trade & Investment - and integrated with sub-regional international promotion activities
  • develop targeted trade and cultural partnerships with leading regions and emerging markets
  • utilise the critical mass provided through promoting the Greater South East and our position within the London city region
  • deliver a global festival of innovation and use new technologies to promote the region, including virtual presence for the region
  • actively promote regional assets and investment opportunities through our expanding international gateways
  • leverage the 2012 Games for international business and tourism opportunities.

In exercising their economic and place-shaping leadership, local authorities will make a major contribution through:

  • local economic strategies and Local Area Agreements to help create the conditions for regional businesses and places to compete in global markets

  • ensuring there is concerted support for key clusters and businesses who operate internationally

  • major efforts made to create a skills base fit for the global economy

  • the local planning framework and system makes provision for growth of high-value economic activity

  • appropriate resources and actions targeted to measures that attract mobile talent investment and build community cohesion - including cultural provision, education and civic spaces.

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Michele Rigby, chief executive of Social Enterprise East of England, at furniture and electrical reuse charity Furniture Link, Bedford.

We aim to make the East of England the best environment for social enterprises to grow and flourish, and to maximise their social and economic impact on the region. An important part of our job is helping policy-makers understand the needs of social enterprises, so that this can happen.