Doing Business with the UK Remarks

Thank you, Kristen, for that kind introduction. Kristen and I have logged a lot of miles together these last several years. You have been a valuable partner and a fabulous saleswoman in promoting international economic development for the Commonwealth, and I thank you for that. And thank you for convening us this morning.

And thank you to British Consul General Susie Kitchens and your entire team. The Consul General has been a tremendous collaborater in our efforts not just in the UK, but in the critical follow up after our missions. Indeed, we've had two official missions to the UK in the last few years and welcomed 11 official mission from the UK as well as scores of business to business visits. Thank you for facilitating all of that.

What I want you to understand is that these missions occur at a very purposeful and intentional context. So, I want to just offer a few words about that context, and what some of the results have been -- you've heard a lot of them already -- then maybe we can spend most of our time in conversation.

For 8 years now, we have pursued a strategy to grow jobs and opportunity in Massachusetts by focusing on education, innovation and infrastructure.

We invest in education because frankly, it is our calling card around the world. There are some 300 colleges, universities, teaching hospitals within 90-minutes of where we're sitting right now. We're one of the most extraordinary concentrations of brainpower on the planet. So, we view education as, as important to us in Massachusetts as oil is to Texas or corn is to Iowa. We cultivate it by investing time, ideas and money in the public schools; in public higher education and college affordability; and in early education.

We invest in innovation because enabling and encouraging industries that depend on that kind of concentration of brainpower is the best way for us to take advantage of the knowledge explosion happening in the world economy today. So, we have initiatives to grow the life sciences and biotech, clean and alternative energy, the whole range of digital technologies, and advanced manufacturing too, which is enjoying a resurgence here in the commonwealth today. Each one designed not to substitute for the private sector, but to supplement it in important ways.

And finally we invest in infrastructure -- what I have described over and over again as the unglamorous work of government -- because rebuilding roads, rails, bridges, expanding broadband to every community, building new classrooms and labs and more affordable housing not only creates jobs right now, but gives private initiative and personal ambition the platform for growth. I should mention our concerted efforts to reduce business costs and regulation, which is a part of our growth infrastructure as well.

So, education, innovation, infrastructure. It's a strategy proven through history. And it's working for us today.

Massachusetts today has recovered from the Great Recession stronger and faster than the rest of the country and today is ranked the most economically competitive state in America.

We are at a 25-year high in employment, exceeding the national growth rate in job growth since 2007.

Our biotech sector is one of the fastest growing in the world, our clean tech sector has grown 47 percent over the last 4 years, and employs nearly 90,000 people and we've trained over 100,000 people for jobs in these and other burgeoning innovation sectors.

More of the Nation's Fortune 500 and Fortune 1,000 companies call Massachusetts home than ever.

We were ranked first in the Nation in student achievement, in health care coverage, in energy efficiency, in veterans' services, in entrepreneurial activity, in per capita venture funding and much, much more.

The point is that Massachusetts is back in the leadership business and the innovation economy sectors are at the forefront.

An element of our strategy is learning to look out, not just in -- out to the whole world, not just in -- taking an active role in global commerce. This is no longer the exclusive province of large, established companies. With robust collaboration -- among and between government, industry, financial services and academia -- and a few practical tools -- like the nine new international direct flights into Logan and the robust partnership with the Commerce Department and the several diplomatic consulates here as well as the many, many members of quasi-public agencies who are represented here -- there are many opportunities we have positioned ourselves to seize.

We try to focus on markets where the economies and the strategic emphases are compatible. And the UK, of course, is a natural. We start with a strong foundation as you know. There are nearly 500 companies with UK-ties in Massachusetts today and over 40,000 Massachusetts residents are employed in UK-owned businesses. In 2013, the UK was Massachusetts's seventh largest export partner and the UK has been Massachusetts's fourth largest import partner since 2011, until now where we are second, number two. The economic ties between our regions, directly related by the way, to the work we've been doing through these missions and in this administration. Take a bow, right? The economic ties between the UK and Massachusetts are strong and more importantly, they are growing.

Significantly, the UK is one of the most dynamic innovation economies in the world right now. Life sciences research has been deep for many years, but the commercialization of these technologies has taken hold recently and is on fire. I think that's fair to say, Consul General, that the commercialization around life sciences is a relatively new phenomenon, but it's exploding and it's recognized by government in the appointment of the special member of cabinet whose responsibility is the life sciences sector. The digital technologies, including gaming and those related to the financial services, are also surging, encouraged by the relatively new cluster Tech City in London, which is awful fun. I addressed offshore wind industry leaders on our emerging wind industry here in Massachusetts, and of course, British industry constructed here in the last couple of years -- What is it 15 offshore wind projects the size of Cape Wind. Am I right Bill? Something like that, maybe more. Members of our delegation met with British officials to share best practices on how big data is being utilized here in Massachusetts and the United Kingdom to address climate change.

So in September, we met with senior members of government and Parliament, as you heard, the financial services and health care industries, and the start-up community. MassChallenge, our own business incubator which has become the world's model and largest of its kind in just a few short years, announced their UK partnership while we were there. And as you heard, I had the chance to visit with Eric Roman, who is moving here to Massachusetts to head GE Healthcare North America, which is relocating their headquarters from New Jersey to Marlborough with more than 500 current employees and a plan to add a couple hundred more in the next couple of years.

Anyway, you get the picture. The UK has embraced innovation as a strategy for growth and so it makes sense for Massachusetts to engage. Importantly, in today's global economy, and maybe in these sectors in particular, it's not about what we can buy and sell more of to and from each other, but rather what we can build together.

As is the case in each of our missions, we open doors. Whether you or others choose to walk through those doors is up to you and the follow up you do -- which is of course why we are here this morning. And Kristen I thank you again for convening us for that purpose.

I look forward to a great discussion. Thank you very much.

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