‘Foreign investment follows innovation, not PR & sops’
8 Dec 2012 1:50 AM GMT
Non-resident Indian (NRI) industrialist Lord Swraj Paul has asked Britain to invest more on innovative technology rather than public relations (pr) exercises or cash incentives to attract foreign investment to the country.
Participating in a debate in the House of Lords on 'Strategy for Growth', initiated by Lord Heseltine, Lord Paul said, 'Innovative technology will help build a more dynamic economy — and that will attract more foreign investment than public relations exercises or cash incentives.'
Lord Paul, Chancellor of two British Universities — Wolverhampton and Westminster — emphasised the need to bring together the education and business sectors. 'Education has been a lifelong interest of mine and I have been active in several institutions of higher education,' he said. 'When I was a student at Massachusetts Institute of Technology (MIT), I was most impressed by the strong collaboration between business, government-sponsored projects and universities in the United States,' he added..
'Universities get their funding while government projects and industry benefit from first-rate research and technology. We in the UK have first-class universities and need to encourage more collaboration along these lines,' the tycoon-politician pointed out.
Participating in a debate in the House of Lords on 'Strategy for Growth', initiated by Lord Heseltine, Lord Paul said, 'Innovative technology will help build a more dynamic economy — and that will attract more foreign investment than public relations exercises or cash incentives.'
Lord Paul, Chancellor of two British Universities — Wolverhampton and Westminster — emphasised the need to bring together the education and business sectors. 'Education has been a lifelong interest of mine and I have been active in several institutions of higher education,' he said. 'When I was a student at Massachusetts Institute of Technology (MIT), I was most impressed by the strong collaboration between business, government-sponsored projects and universities in the United States,' he added..
'Universities get their funding while government projects and industry benefit from first-rate research and technology. We in the UK have first-class universities and need to encourage more collaboration along these lines,' the tycoon-politician pointed out.
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