By Mark Kleinman, City Editor
Ministers are preparing to back the launch of an inward investment body that will target key British trading partners with the aim of raising billions of pounds from overseas to fund urban regeneration projects.
Sky News has learned that the Government is to unveil plans for the Regeneration Investment Organisation (RIO), a new 'one-stop shop' for foreign direct investors in the UK, within days.
RIO would, according to people familiar with its brief, be set up to attract inward investment into urban regeneration projects in the UK at a time when foreign investors have demonstrated a continuing appetite to pour money into infrastructure assets such as airports and utilities.
The new body has been developed under the auspices of UK Trade and Investment (UKTI), the Government's principal trade promotion organisation.
Its remit has been borne out of a frustration expressed by many major overseas investors about the bureaucracy and complexity of finalising major deals in the UK, according to one insider.
RIO has already begun appointing a senior management team, including Nahid Majid, an experienced urban planner who has worked for the Mayor's Fund for London, who will be RIO's chief operating officer.
According to details posted on LinkedIn, the professional networking website, Ms Majid's role is to work with sovereign wealth funds, pension funds, developers and international governments and UK embassies.
RIO's objective, it says, is to to develop "a pipeline of credible UK large-scale regeneration investment opportunities to market to overseas investors on ministerial and key overseas visits".
"This includes prioritising and promoting high quality opportunities; assessing the commercial viability (and) due diligence of projects and their suitability for promotion to overseas investors; analysing them against investor appetite and Ministerial priorities."
It will also involve "communicating and negotiating in resolving barriers to UK project delivery with UK government/ developers, and resolving investment barriers with international investors in the developed markets, Asia, Asia Pacific and the Middle East working with our network of UK global embassies," according to the website.
Employment adverts also accessible on the internet indicate that the RIO will aim to deliver £1.5bn of inward investment to the UK, although insiders said its ultimate ambition would be to achieve much higher figures.
The launch of the RIO could be announced as soon as this week, with David Cameron, the Prime Minister, due to make a key foreign policy speech at the Lord Mayor's Banquet on Monday.
Downing Street sources declined to comment on whether the new inward investment organisation would feature in his remarks at the event.
Mr Cameron is expected to visit China next month on a trade mission that will mark a continuing thaw in relations between the two countries following his meeting with the Dalai Lama last year.
George Osborne, the Chancellor, and Boris Johnson, the Mayor of London, were in China last month on separate efforts to drum up trade, although both trips were relatively light on specific deal announcements.
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