New business hub for foreign investment set to be based near Birmingham Airport

A NEW business hub tasked with creating 1,400 jobs and bringing £15m of foreign investment into the Midlands over the next three years, is set to be based near Birmingham Airport.

Business Minister Anna Soubry will confirm the move today during a Midlands Engine Conference at Nottingham Trent University.

The hub will also manage a £2m Challenge Fund – with the eight successful bids for a share of the fund due to be confirmed at the summit.

Firstly, North America will welcome the first major Midlands Engine trade mission in September, with Business Secretary Sajid Javid leading the delegation.

The summit will bring together regional and national leaders who are driving forward the Midlands Engine. Delegates will hear about the success of the £180m public and private energy research accelerator partnership and progress made by Midlands Connect.

This is the strategic transport partnership developing a Midlands-wide transport strategy to improve journey times, connectivity between the East and West Midlands, freight movements and international links which could bring a £1bn-a-year boost to the regional economy and save businesses nearly £500m.

Successful bids for the Challenge Fund include, over the next three to four years, £375,000 to fund a Midlands-wide pavilion at the international property convention MIPIM to market investment opportunities to property developers, £550,000 to spread and improve the benefits of the supply chain support to the automotive industry to the whole region, £100,000 towards increasing rail-related projects and jobs and £375,000 towards bringing more life science investment and jobs to the Midlands.

Sir John Peace, the recently appointed Midlands Engine chairman, will tell delegates about what has been achieved since the Midlands Engine prospectus was launched last December.

He said: “I have been very impressed since becoming the chair of the Midlands Engine with the tireless work that has already been put in by the public and private sectors to gear-up the Midlands Engine since it was launched just a few months ago.

“I believe we are now ready to very clearly and very loudly speak with one united voice on the world’s stage – The Midlands is the beating heart of UK manufacturing, we are the beating heart of the country and the home to global iconic businesses, we are a magnet for investment and we can deliver results which can drive forward the UK economy.

“Now that we know the result of the referendum, regardless of individual views on the outcome, we in the Midlands must seize on this and turn it into an opportunity to deliver jobs, growth and innovation. We are perfectly placed to deliver the message of our readiness straight to the very heart of Government today through the Minister of State for the Department for Business – demonstrating our willingness to lead the UK trade offer at such an important time.”

Business Minister Anna Soubry said: “Following the EU referendum result, I recognise there’s a level of uncertainty over what the future holds. But now’s the time to work together and support businesses to build partnerships that can help them grow.

“Local economies are key to the success of UK growth, and this new government funding for the Midlands will help attract investment, encourage trade and create jobs. So let’s keep telling the rest of the world what we already know: that the Midlands Engine is a great place to do business, with excellent universities and local leaders committed to seeing the area thrive.”

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