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INNOVATION UK5 To underline our outstanding national reputation for innovation, science and technology, the UK is Europe's leading recipient of R& D inward investment. By Sir Andrew Cahn, Chief Executive UK Trade & Investment Investing in the future The last year has been extremely challenging for the global economy. But, while the world is experiencing some of the toughest business condi-tions for generations, inward investment into the UK has continued to rise. Our economy is resilient and holds the confidence of our international investor partners. The strength of the foundations upon which the UK has built its standing as the number one investment location in Europe - and the effectiveness of UK Trade & Investment ( UKTI) as the national trade and investment promotion agency - is clear to see. UKTI has the lead role within government for delivering trade development and inward investment services for business and it is supported by the Foreign Office and the Department for Business, Innovation and Skills ( BIS). BIS is a new department created this year by the Prime Minister in order to bring together the strategy, policy and expertise needed to build Britain's economic future. For the UK to compete effectively internationally, and be able to take full advantage of economic recovery when it comes, we must combine our academic excellence, world- class science, technology and research with an industrial strategy to bring forward the knowledge and innovation which will drive future wealth creation. To ensure a strong and dynamic economy and to main-tain our position as Europe's top inward investment location we must promote open and competitive mar-kets that support enterprise, innovation and investment. There is no question that the UK economy that succeeds through and after the economic recovery will be driven by knowledge. UKTI services for exporters and inward investors deliver the support that UK- based companies need for lasting success. In the middle of the harshest recession in 60 years, UKTI represents a springboard for global growth that is helping companies explore and develop new opportunities that lead to both individual successes and national economic growth. In 2008- 9, a record 1,744 investor companies set up in the UK1 and UKTI assisted over 20,000 companies to export, while its trade services helped generate an estimated extra £ 3.6bn2 in profits. In fact, every pound spent by UKTI on trade services helped generate £ 16 additional profit for UK business3. The UK's long- established and exceptionally strong sci-ence base puts it in a unique position to attract and serve the world's investors in R& D. An outstanding national reputation for discovery, innovation, science and tech-nology has made the UK Europe's top location for R& D inward investment. There can be no doubt that the UK has a convincing track record of scientific and technological leadership and innovative thinking. The government is commit-ted to raising investment in innovation to create one of the most effective and dynamic environments for tech-nology- driven research, development and innovation in the world. 1 UK Inward Investment 2008- 9 Report by UK Trade & Investment 2 UKTI Annual Report and Accounts 2008- 9 3 UKTI Annual Report and Accounts 2008- 9 British Innovation sir Andrew Cahn, Chief Executive, UKTI