Brexit to bring new business opportunities, says British Prime Minister Theresa May

London: Britain's Prime Minister Theresa May on Thursday said Brexit -- Britain's exit from the European Union (EU) -- would give the country's businesses the chance to find new markets.

Visiting Warwick University in the Midlands and a car manufacturing plant belonging to Jaguar, May said she wanted the country to benefit from the opportunities that lie ahead, reiterating that Britain is "open for business", EFE news reported.

"I am determined to make the most of the opportunities," May said during the visit along with Chancellor of the Exchequer, Philip Hammond.

Britain had always been one of the great commercial nations, May said, adding that by pulling out of the European Union (EU) it had the opportunity to export its innovation and experience to the rest of the world.

May's comments precede the G20 summit in China, which presents her with her first great challenge with the international community after she was elected in July.

"This Government is committed to building an economy that works for everyone, not just the privileged few," Hammond said during the visit on Thursday.

He also highlighted the importance of strengthening Britain's competitive business environment.

The Prime Minister conducted her first cabinet meeting since the summer break on Wednesday, during which she reiterated that "Brexit means Brexit" and rejected any attempts to stay in the EU "by the back door".

The British electorate voted in favour of leaving the EU in an historical referendum on June 23, which led to the resignation of then Prime Minister David Cameron and the investiture of May as leader of the Conservative Party and head of government.

May has said that she does not intent to activate Article 50 of the Treaty of Lisbon in 2016 which would trigger the process of withdrawal from the bloc.