The Government yesterday unveiled a strategy to attract foreign direct investment and boost trade with emerging economies such as China and India.
The five-year strategy will also promote the City of London as the world's leading international financial centre and seek to boost research and development work.
"Globalisation is a huge opportunity for the UK but we need a step-change in our efforts if we are to keep ahead of the competition," Trade and Industry Secretary Alistair Darling said.
The Government plans to revamp UK Trade and Investment, the agency that provides support services for British businesses doing trade overseas as well as foreign businesses interested in investing in Britain.
It wants to turn UKTI into a streamlined, entrepreneurial organisation to take a more professional approach to marketing Britain as a business centre.
As part of a drive to win a greater market share for British products in high-growth emerging economies, UKTI will switch more than £5 million of its resources from mature markets to emerging markets where Britain needs to increase its impact.
These include China, India, Brazil, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, Turkey and United Arab Emirates. The plan calls for a joint public/private sector strategy to be developed to promote the City of London and Britain's financial services sector.
UKTI will increase the resources of its commercial teams in China and India to support British financial services and ministers will make a series of overseas visits to study commercial opportunities.