World's elite gathers for Davos 2014

UK's Cameron leads 'march of the makers' back home

European companies have an unique opportunity to repatriate jobs from emerging markets, the Prime Minster of the U.K. David Cameron has told an audience at the World Economic Forum in Davos.

Countries can make a success of globalization by facilitating the transfer of jobs back from the East to the West, he said. If governments can sort out their debts, get the fundamentals right and ensure a low tax environment then he believed that sustainable well-paid jobs would be secured.

U.K. Prime Minister David Cameron
Peter Macdiarmid | Getty Images

Cameron told delegates that in his own country, he was reducing taxes to make "hard-working people" more financially secure as well as capping welfare. He said he had made difficult choices at a difficult time but now sees that "pioneering" and "creative" Britain is very much open for business.

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Since the prime minister's Conservative Party came to power in 2010, his colleague George Osborne, the finance minster of the U.K., has spoken of a "march of the makers" giving an emphasis on a return to manufacturing.

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So far, this has failed to materialize in economic indicators, which show that the country is still very much reliant on the services sector then sprung into life in the 1980s. Cameron's announcement Friday however, looks to relaunch that campaign.

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"We have the chance to become something else," the Prime Minister said. He listed fashion, food processing, cars and computers as just some sectors that could see jobs come back to British shores.

He spoke of a manufacturing renaissance in the U.S., borne out of the shale gas revolution of recent years but was underlined that the rebalancing wouldn't be a "tug of war" with emerging markets as there wasn't a "finite amount of jobs".

—By's Matt Clinch. Follow him on Twitter