The visit comes after the Department for International Trade published its latest inward investment results for 2016/17 which show France moved up a position from last year to become the UK’s third largest foreign investor (by Foreign Direct Investment projects), and the second largest global creator of new jobs (5,831).

While in Paris, the Secretary of State will address the Franco British Chamber of Commerce, which is the oldest British Chambers of Commerce in Europe.

Dr Fox will meet senior representatives of French manufacturing, energy and financial services with UK interests and the Minister for Europe and Foreign Affairs, Jean-Baptiste Lemoyne.

International Trade Secretary, Dr Liam Fox, said:

As an international economic department, DIT is continuing to promote the strengths of the UK as a great inward investment destination. France is Britain’s largest European foreign investor, and I’m delighted to be visiting Paris to meet with the many French businesses with UK interests, from manufacturing, energy and financial services.

It is in all our interests to maintain the freest possible trade between Britain and the European Union, recognising the vast benefits that free trade brings, not only to large economies such as Britain and France, but to smaller developing nations across the world.

France is the UK’s third largest export market, and single trading partner, conducting bilateral trade worth £69 billion each year. France is also the UK’s largest European foreign investor, with around 5,000 firms investing across the channel in both directions, supporting over half a million jobs.

The International Trade Secretary will also visit Babcock International Group, a UK investor who was recently awarded a multi-million pound contract to train and equip French fighter pilots.

According to the ONS Annual Business Survey, in 2015 there were around 1,500 French owned businesses operating in the UK. These businesses contributed around £191 billion to the total turnover of the UK non-financial business economy in 2015.

On Friday 7th July the UN Secretary General announced that the Conference on Cyprus, held in Crans-Montana, Switzerland under the auspices of the United Nations, had closed without an agreement being reached.

Speaking following the Conference, Minister for Europe Alan Duncan said:

This is a disappointing outcome. The UK continues to be a strong supporter of a settlement. Now is a time for calm reflection and consideration of future steps. The commitment of the UK to a deal on Cyprus remains unwavering.

• First step in plan to make UK a leader in sector which could add up to £173bn to the economy
• Includes plans to deliver end-to-end 5G trial in early 2018

A world-class 5G technology test network will aim to put Britain at the forefront of the next wave of mobile technology – potentially adding up to £173 billion to the economy by 2030.

Experts from leading 5G research institutions at King’s College London and the Universities of Surrey and Bristol, will be awarded £16m to develop the cutting-edge 5G test network which will see academic expertise and commercial leadership brought together to trial the technology and make sure people and businesses can enjoy the benefits sooner.

5G is expected to deliver reliable ultrafast mobile connectivity with the ability to process huge amounts of data and support complex applications predicted for tomorrow’s mobile phones – for example, sending virtual reality 3D TV clips to mobile devices.

It could also be used in new technologies that have the potential to revolutionise society such as autonomous vehicles – for example, to make sure they can be used safely on our roads – or in advanced manufacturing and robotics, augmented reality, remote surgery, smart agriculture and in smart homes and cities.

Minister for Digital Matt Hancock said:

We want to be at the head of the field in 5G. This funding will support the pioneering research needed to ensure we can harness the potential of this technology to spark innovation, create new jobs and boost the economy.

We know 5G has the potential to bring more reliable, ultrafast mobile connectivity, with quicker reaction times and larger data capabilities, and I’m thrilled to announce King’s College London and the universities of Surrey and Bristol have agreed to collaborate on this project.

This test network will trial and demonstrate the next generation of mobile technology and is the first part of a four-year programme of investment and collaboration in the Government’s new 5G Testbeds and Trials programme.

The universities will work together to create three small-scale mobile networks which together will form the test network. Each network will have a number of the elements expected in a commercial 5G network – including mobile signal receivers and transmitters and the technology to handle 5G signals – to support trials of its many potential uses.

The project will build on existing research and help to make the case for timely deployment of 5G in the UK. It will help make sure the country is ready to capitalise on a potentially huge global market for 5G products and services and create opportunities for British business to grow at home and abroad. It will also mark the first steps towards developing a new national 5G Innovation Network.

This investment is also aiming to deliver a 5G end-to-end trial in early 2018. This could be, for example, a trial in which a signal is sent from a mobile device, such as a phone or in a car, to a data centre and back again. This will test the capability of 5G to make an application or service work in a real-world environment.

Surrey, Bristol and King’s are internationally renowned for their work on 5G and specialise in different aspects of the technology. The project will combine their strengths.

Rahim Tafazolli, University of Surrey’s 5G Innovation Centre director, is the project lead and will be working with Dimitra Simeonidou from the University of Bristol and Mischa Dohler from King’s College London to deliver the project. He said:

The University of Surrey’s 5GIC, University of Bristol and King’s College London are delighted to be delivering this initial project as part of the Government’s new 5G Testbeds and Trials Programme. This investment will ensure that the UK continues to be world-class in 5G innovation and development through to commercial exploitation.

This exciting programme builds on significant investment and a strong foundation of 5G research and development across the three institutions. The programme will maintain and extend the UK’s leadership position in the race to transform many aspects of everyday life and business through digital transformation.

Notes to editors

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• Other academic institutions, industry and local authorities will also be able to bid for further funding to be part of this programme from 2018/19 onwards. Further details on opportunities and the funding available will be published later this year.

• A new centre of 5G expertise has also been created in the Department for Digital, Culture, Media and Sport to drive forward this work.

• At Autumn Statement 2016, the Government first announced its intention to invest in a nationally coordinated programme of 5G Testbeds & Trials, as part of a £1bn package of announcements made to boost the UK’s digital infrastructure.

• Of this funding, £740m from the National Productivity Investment Fund (NPIF), will spent on two new programmes: the Local Full Fibre Networks Programme and a new programme of coordinated 5G testbeds and trials. These programmes will help to de liver next generation mobile services and full-fibre broadband networks.

• The Government’s 5G Strategy set out the first steps to make the UK a world leader in the mobile technology and included a pledge to develop a 5G testing facility.

• The aim of the 5G Testbeds & Trials Programme is to make the UK an attractive place to test 5G applications and services, helping to ensure the UK secures an ‘early mover advantage’ in the development of new 5G applications and services and to support the timely deployment of 5G networks.

• 5G’s full economic impact is difficult to predict at this early stage but there is emerging consensus that one of the main benefits will be in enabling new applications in a number of different sectors.

• For example, the GSMA estimates that the contribution of mobile to the global economy will be worth USD$3.9 trillion in 2020, of which over 75% will be benefits to the wider economy that are enabled by mobile.

• Other recent reports have illustrated the potential gains from 5G. In particular: the Future Connectivity Challenge Group report suggests that UK leadership in 5G could result in the opportunity to create £173 billion of incremental UK GDP growth over a ten year period from 2020 to 2030; and

• IHS Economics / IHS Technology estimated by modelling industry investment and impacts on total factor productivity from expected use cases that 5G will enable USD$12.3 trillion of global economic output in 2035.

This afternoon the Prime Minister spoke to Sultan Qaboos bin Said al Said of Oman. The Prime Minister took the opportunity to wish Sultan Qaboos Eid Mubarak and the leaders discussed the importance of the UK and Oman’s friendship and co-operation, particularly on defence issues.

They agreed to work together to deepen bilateral ties including through the UK’s commitment to Oman’s long-term economic stability, taking forward work on economic reforms following the Minister for the Middle East and Africa’s recent visit to Muscat.

The Prime Minister and Sultan Qaboos spoke about the ongoing issues between Qatar and other Gulf states, agreeing on the importance of all sides de-escalating the tension through dialogue and engaging with Kuwaiti-led mediation efforts to restore GCC unity. They both stated that a resolution of the dispute was vital not just for Gulf security but also the stability of the wider region.

The Croston Flood Risk Management Scheme, developed by the Environment Agency in partnership with Chorley Council, Lancashire County Council and United Utilities, and in collaboration with the Lower Yarrow Flood Action Group, will benefit residents who flooded on Boxing Day 2015, when 344 properties were affected. In 2012, 30 properties in Croston village flooded.

The scheme, which includes an upstream flood storage area on the River Yarrow and 600m earth embankment is capable of retaining up to 1.3 million m3 of water – equivalent to 520 Olympic size swimming pools.

Chair of the Environment Agency, Emma Howard Boyd cut the ribbon on the gate leading to the new embankment and was shown around the new scheme by Cumbria and Lancashire Area Director of the Environment Agency, Keith Ashcroft.

The opening also included a presentation by Dave Massam from the Lower Yarrow Flood Action Group and Neil Forsythe from the Environment Agency.

The scheme received £5.4 million of Government Grant in Aid funding, including £2.1 million from the Government’s Project of Acceleration and Growth (PAG) programme launched after the summer floods in 2012. Chorley Council contributed £1 million, Lancashire County Council £181.000 and £667,000 was received from local levy to finance the scheme.

While the risk is reduced, people living in this and other flood risk area should sign up for flood warnings and be prepared for flooding.

Emma Howard Boyd, Chair of the Environment Agency, said:

In February 2016 I saw the devastating impact of the flooding in Croston and I am so impressed by the village’s recovery.

I want to celebrate the partnership between the community, the Environment Agency, the councils and United Utilities, who created the Croston Flood Risk Management Scheme together. Everyone has a part to play in protecting themselves from the risk of flooding, but it is by listening to each other and working in partnership that we get the best results.

Cumbria and Lancashire Area Director of the Environment Agency, Keith Ashcroft, said:

The village of Croston has a history of flooding, with 344 properties affected in the Boxing Day 2015 flood, 20 in 2012 and 205 in 1987 from the River Yarrow. This scheme allows us to control the flow of the River Yarrow and store water reducing flows downstream.

We have kept the community updated throughout the construction of the scheme, and the Lower Yarrow Flood Action Group was heavily involved throughout the project, including helping us to work with the whole community, who were able to walk along the embankment as part of the opening event.