No room for complacency on inward investment warns KPMG chief

A LEADING Midlands business figure has issued a wake-up call to the region on the importance of generating inward investment.

Mike Steventon, senior partner of KPMG in Birmingham, said it was vital the region did not become complacent – or it risked losing out to other areas of the UK.

The timing of the warning is not insignificant, coming just as the Chinese Premier Wen Jiabao visits Birmingham to promote trade links between Birmingham and China.

Mr Stevenson said the Midlands should not lose sight of the hard work ahead in competing against other major cities for inward investment, despite a series of substantial investment boosts announced in the region.  

“It is great recognition that the Chinese Premier has chosen this region as the first visit on his tour of the UK.  This provides an opportunity for us to prove we are manufacturers of tomorrow and not just a champion of yesteryear,” he said.

According to Mr Steventon, the West Midlands has to use the momentum of recent investment into the region, such as BMW’s plan to invest £500m in its three UK sites, one of which is in Hams Hall and the China visit, to ensure private and public sectors in the region collectively focus on developing compelling propositions to ensure investment continues to flow.  

“The Midlands has seen a strong level of investment activity in recent weeks and we should utilise this positivity to keep driving the region forward on the global stage,” he added.

“Competition remains fierce and we can’t be complacent; we must continue to showcase the UK and the Midlands in particular in order to ensure we are the location of choice.  It is imperative we have clear political and business alignment to show we are the best place for new investment.

“Major initiatives such as New Street Station, HS2 and the airport extension, are transformational schemes that will help create the right image to attract major investment to the city and region – this dynamic heartland in the UK that is adapting to change, is open for new business, is vibrant and is attracting investment.”

He said successes were happening but these had to be exploited.

“It is essential we continue to build the case for investing in our region.  We have a lot to offer the world and it is essential that business, local government and education come together to develop the skills, infrastructure and opportunity which will attract further inward investment,” he said.