‘GOLDEN ERA’ OF US TRADE FOR LIVERPOOL CITY REGION
The chief executive Mersey Maritime believes that Liverpool City Region could greatly benefit from increased US trade and investment in a post-Brexit world.
Chris Shirling-Rooke anticipates that the region could gain as much as £500m in extra trade and investment in what he has described as a new ‘golden era’ as the UK and US move closer to a post-Brexit deal.
Fresh from a high-level, New York trade delegation, headed by British Secretary of State for the Department of International Trade, Dr Liam Fox, Mr Shirling-Rooke believes that Liverpool’s position as one of Europe’s main westerly-facing ports will increase post-Brexit foreign direct investment (FDI) and exports with the US by up to £500m within five years.
BUILDING ON INVESTMENT
Mr Shirling-Rooke said: “We are the major West-facing port and the all the business leaders we spoke to in the States were adamant they want to significantly increase the volume of trade between our two nations.
“We already trade more with the US than any other single nation on the planet, there is a total of $1 trillion investment between the two countries and more than one million British nationals go to work for US companies every day.
“Peel Ports has invested in excess of £1bn into Liverpool2 and the infrastructure along the Manchester Ship Canal to Port Salford, and is equipped to handle the world’s biggest cargo
“Liverpool City Region has built the most successful maritime cluster in Europe with an annual GVA contribution of more than £4bn.”
“We are ready and willing step up to take full advantage of a new golden era of increased transatlantic trade and investment – this will re-energise the special relationship between the UK and the US.”
The US is the largest export market for the UK, while as a supplier of goods and services to the UK, the US comes in second.
This reciprocal relationship extends far beyond goods and services, to include foreign direct investment (FDI).
For Britain, the US is the largest single source of FDI, while the US is also the largest destination for FDI by British firms.
Equally, The UK is ranked second as a destination for American companies to invest, accounting for 13% of the total foreign investment by US companies.
For more information on Mersey Maritime visit merseymaritime.co.uk