MIDAS upbeat on foreign investment

FOREIGN investment in Greater Manchester will “remain as strong as ever” over the next few years, according to a new report.

Research by Manchester’s Inward Investment Agency, Midas said the region’s foreign owned company sector is still robust despite the current economic climate.

Sir Howard Bernstein said: “This report highlights the importance of MIDAS’s work in attracting and expanding both global companies and other public sector agencies into Manchester. Our joint working to secure further investment is good news for the property sector in an otherwise difficult economic period.”

The report also included a survey of 500 foreign owned firms in Greater Manchester and found that   92% of larger companies felt it was a good or excellent place to do business.

Around 40% expect their staff numbers in the region to grow over the next two years, while finance and banking, retail and manufacturing businesses were the most likely to be currently looking for more space, with 44% expecting to move.

Colin Sinclair, MIDAS chief executive said: “It is clear from the survey that the majority of internationally-owned businesses in Greater Manchester are very satisfied with the area.

“Demand for property is clearly linked to general macro-economic performance and even though the property market will stall in 2009 due to a slow-down in general decision making, Manchester is well positioned to prosper as the market improves in the next 12-18 months.

“London, Europe and North America remain our primary target markets and Manchester has already shown its quality and resilience with this year’s Bank of New York Mellon expansion and ongoing enquiries with a number of major global firms.”

MIDAS had hoped to lure another major US bank to Greater Manchester this year, but the crisis on Wall Street epitomised by the collapse of Lehman Brothers, put paid to any such moves.