Sir Keir Starmer will tell business leaders in Davos today that a Labour government would do more to draw foreign investment into Britain.
Green industries are a key target for the Labour leader as he gets set to tell the World Economic Forum meeting that his party Labour would push to "bring global investors back".
He claimed foreign investment had declined sharply under the Conservatives.
Shadow chancellor Rachel Reeves said Labour would "work in partnership with business" to boost investment.
"With Labour in government, Britain will be open for business," said Ms Reeves.
Labour wanted to ensure the UK was "a world leader in the climate transition", she added.
Falling FDI
Foreign direct investment (FDI) involves money flowing into the UK from overseas, for example when a foreign firm buys a British factory, or opens a branch in the UK. It can create jobs and boost growth and productivity.
Labour said that foreign investment in the UK had declined while the Conservatives have been in power since 2010, citing United Nations figures.
Between 1997 and 2010 the UK accounted for 8% of world FDI, but that fell to 4% between 2010 and 2021, the figures show, according to the BBC.
The UK government will be represented at Davos by Business Secretary Grant Shapps and International Trade Secretary Kemi Badenoch.
A spokesperson for the Treasury said: "As a central part of our plan to grow the economy we are supporting business investment, including by permanently setting the Annual Investment Allowance at its highest ever level of £1million from April, and through our generous £13.6billion package of business rates support."
The investment allowance allows businesses to offset investment against their tax bill. The government announced the extra support for businesses that pay rates in its Autumn statement last year.
FTSE 100
The UK's top share index, the FTSE 100, was down 37-points at 7,792 shortly after opening this morning, following yesterday's 20-point drop.
Brent crude futures were down 1.31% at $83.87 a barrel.
Companies reporting today
- Centamin - Q4 production review
- Dunelm Group - Q2 trading statement
- Harbour Energy - Trading statement
- Netflix - Q4 results
- Network International Holdings - Full-year trading statement
- Sage Group - Q1 trading statement
- Workspace Group - Q3 trading statement