How to create wealth

At a recent press conference at the residence about the British Business Days in Ukraine a journalist asked me when the UK would actually start making investments in Ukraine in factories that produced things.  I said there were a number of examples of such production, whether in manufacturing, agriculture or energy production; but that one should not get hung up about the production of tangible objects or raw materials.  On the contrary, as I had blogged before, areas such as education, science, creative industries, medicine and tourism could contribute just as much to a country’s wealth as metal-bashing.

A few days later, as if to prove the point, I host at the residence the annual awards ceremony for a computer-aided design competition for universities organised by Delcam, a leading British supplier of computer-aided design and computer-aided manufacturing software.  I’m delighted to welcome to the event Deputy Minister of Education and Science Yevgen Sulima, who speaks strongly in favour of Delcam’s work with universities.  British software design and engineering is at the cutting edge of future technology.  For example, many of the world’s leading computer games are developed in the UK and expertise in digital and computer-generated effects has ensured that the UK has a global reputation for expertise in film post-production.

It’s terrific to see the enthusiasm of the participating Ukrainian universities (up from 15 last year to over 20), with top students producing designs for products as varied as artificial limbs, turbines and footwear.  But it’s the interchange of ideas between the Ukrainian educational institutions and a vibrant British software and manufacturing sector which is most impressive.  The winners will spend several months at Delcam, visiting both British universities and manufacturers such a Rolls Royce (the aero engine people) and the Renault Formula 1 team, which is based in the UK.  Not only does the cooperation create the conditions where Delcam can sell its products in Ukraine; it also prepares a new generation of brilliant young students to use cutting edge technology in all sectors of the Ukrainian economy.  It all sounds like a brilliant way to create wealth to me.