Gov’t courts Musk for investment summit

The British government is extending an invitation to Elon Musk, the billionaire behind Tesla and the former owner of Twitter, to participate in a prestigious business summit this autumn. The aim is to strengthen the UK’s reputation as a prime destination for international investment. Sources from Whitehall revealed that Rishi Sunak’s administration is actively pursuing Elon Musk’s attendance at the Global Investment Summit (GIS) slated for late November.

Sky News reported that Jeff Bezos, the founder of Amazon, is also expected to receive an invitation. However, it remains unclear whether formal invitations have been extended to either Elon Musk or Jeff Bezos as of Tuesday. Other significant investors in the British economy have reportedly been approached to participate in the event scheduled for November 29.

According to government assertions, the inaugural GIS held in October 2021 successfully attracted £9.7 billion in new foreign investments, leading to the creation of over 30,000 jobs. It purportedly facilitated growth in critical sectors like renewable energy, sustainable housing, and carbon capture and storage. Distinguished figures such as Bill Gates, the Microsoft founder, and Jamie Dimon, CEO of JP Morgan Chase, were among the attendees of the 2021 summit.

Officials within the government have expressed a particular interest in securing Elon Musk’s attendance this year due to his prior engagements with French President Emmanuel Macron. These interactions centred around potential Tesla investments in France.

A spokesperson from the Department for Business and Trade refrained from commenting on individual participants but outlined the upcoming event’s objectives. The second Global Investment Summit, hosted by the Prime Minister and Business and Trade Secretary Kemi Badenoch, is expected to welcome around 200 CEOs and prominent investors. The summit aims to showcase the UK’s allure as an investment hotspot and highlight the government’s strategies for enhancing the business environment.

The event’s schedule had to be postponed by several weeks due to logistical challenges. Sources indicate that it will be hosted at a historically significant venue near central London. This year’s summit plans to spotlight the UK’s accomplishments in sectors such as life sciences, advanced technology, nuclear fusion, and small modular reactors. It will also emphasise how post-Brexit financial reforms, known as the ‘Edinburgh reforms,’ have contributed to stimulating capital investment in the UK.

The timing of the summit is notable, given ongoing concerns about the UK’s attractiveness as an investment destination. Recent warnings from car manufacturers like Stellantis, the owner of Vauxhall, regarding potential factory closures due to post-Brexit regulations have heightened the sensitivity of this issue. Criticism from figures like Sir James Dyson, founder of the eponymous brand, about the government’s science and technology ambitions underscores the challenges the UK faces in maintaining its reputation as a global investment hub.