Friday, 28 June 2013

Investors Say Shipping Industry is Key to UK Economic Future

Certain industries are very important to life of many countries economies and in the United Kingdom, the maritime sector has always been a driving force. If the UK expects to grow their economy in the future it is important that their port and transport systems are up to speed so-to-speak, in order to facilitate any prospective growth. Although the nation has suffered a great deal in the past five years during the financial crisis that began in 2008, the shipping industry has been busy trying to prepare for the new global economy of the future that is expected to boom before 2020.

Billions of pounds have been, and are being invested to get their port systems and rail networks upgraded and modernized to put the country into a strong competitive position when it’s economy starts to grow at more respectable levels. Right now it is projected to be somewhat flat for the next couple of years but there are brighter days ahead and the maritime industry will be ready for it when it unfolds in the next 3-5 years. It has to be ready or the UK will simply not be able to grow their economy like they should as these infrastructure investments lay the foundation on which they can build a more prosperous future.

In the UK, around 95 percent of imports are delivered by shipping vessels and 75 percent of exports go through the nation’s port systems. As well, about half of the country’s food is imported with 95 percent of it delivered by sea. The shipping industry also supports well over 700,000 jobs in the UK and that number is expected to grow substantially as the nation heads towards a more sustainable future. Without laying down a solid foundation for imports and exports to be delivered efficiently and effectively, the whole industry would be in jeopardy and along with it, their domestic economy.

The UK is not alone in having to seriously look at making the right transport infrastructure investments during these difficult times but the United States is also having to make some tough choices when it comes to spreading infrastructure money around. At least in the UK, it seems that they are on the right track as their new London Gateway is about to open at the end of the year signifying the start to a new prosperous future for the once-mighty of world countries. Major projects in Liverpool and other regions are also contributing to building up the nation’s economy in the short term and in preparation for the future. Things are starting to look better these days for the UK thanks to some hope that they will be in a position to capitalise on the expected opportunities that the future global economy will bring, due to their smart investments into their port and transport systems. They will be the foundation for the facilitation of their future. Without them, their outlook will be dim.


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