Putting Lancashire on the global map

As chair of the Lancashire Enterprise Partnership, I am always genuinely thrilled when I hear a story about a Lancashire business, organisation, community group, or individual who is making a big splash somewhere else in the world.

From a global scientific breakthrough at one of our universities to a local producer exporting their goods into a new overseas market, the county continually comes up with products, services and ideas which we can sell around the globe.

It’s also great to hear about how many foreign tourists continue to visit and spend time here, exploring our rich heritage off er, our exciting coastal resorts, our stunning countryside, and our bustling towns and cities.

However, what the county has arguably lacked in the past is an integrated and strategic approach to international economic growth which involves all aspects of Lancashire’s global trade, foreign investment, and our international visitor market.

We have also historically punched below our weight across several internationalisation measures including our levels of exports, our number of Foreign Direct Investment projects, and our share of overseas tourists.

For example, based on GDP, the volume of exported goods from Lancashire is lower than the national average (27.4% vs 30.7%). And while the exporting of services sees Lancashire outperform the North West average (14% vs 11%), this is still below the national average of 15%.

Add to that the fact that UK businesses who export tend to grow more than those who don’t - and foreign companies who locate here are typically more productive, more innovative, and pay higher wages - and you begin to appreciate how by upping our global game we could really supercharge our economy in several areas.

That is why the LEP recently commissioned a deep dive into our all-round international economic performance. This not only assessed where we are currently (and how that compares to others) but also, more importantly, what we could potentially achieve in the future.

The result is a new, comprehensive ten-year Internationalisation Strategy for Lancashire covering both outbound international activities (such as exports), and inbound activities (such as Foreign Direct Investment and International Capital Investment).

It benchmarks how the county’s existing and emerging sector strengths, key assets, and resources, relate to current global trends and anticipated international demand, and suggests areas where we could potentially improve our performance.

Our Internationalisation Strategy goes beyond just leveraging Lancashire’s well known sector strengths - such as aerospace and advanced manufacturing, energy and low carbon technologies, food production, tourism, and the digital industries – to boost its global reputation.

It highlights the county’s immense growth potential in several emerging, high-growth global markets
- such as cybersecurity and cyberspace, future mobility, electech, and digital health – and includes ways we can look to maximise these specialist subsectors.

Another recommendation is that Lancashire positions itself as a dynamic research and development testbed for several cross-cutting technologies and disciplines - such as green energy and cleantech, 5G and private networks, agritech, and decarbonised transport – which are already in demand globally.

Our international visitor economy – encompassing leisure tourism, business tourism, and friends & family visits - is also analysed, and there are several key recommendations regarding how we can potentially increase both visitor numbers and visitor spend.

Utilising our universities’ strong global links through their international student cohorts, academic networks, and overseas campuses, are also highlighted as potentially powerful drivers of future growth.

Lancashire’s Internationalisation Strategy is unashamedly bold and far reaching, and it demonstrates that to truly maximise our full international economic potential we need to be ambitious, creative, and work more collaboratively.

If you’re interested in finding out more the full 88-page document is available online. And, to coincide with government’s International Trade Week, we’ve just published a new Internationalisation Strategy Executive Summary.

This concise 20-page version of the report captures all the key international opportunities and challenges we face in the years ahead, and also outlines how we can start Lancashire’s global growth journey right here, right now.

To download copies of both the Executive Summary and the full 88-page Internationalisation Strategy visit https://lancashirelep.co.uk/publications-documents/.