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The Business Minister Michael Fallon has announced that a new government funded body to attract inward investment to the UK has smashed its targets in its first year.
The Automotive Investment Organisation (AIO) was created to spearhead inward investment in to the UK. It has achieved the following:
Speaking ahead of the Manufacturing Summit on 19 June 2014, which brings together government and industry to discuss the challenges and next steps for the sector, Business Minister Michael Fallon said:
Manufacturing is driving the UK’s recovery and our vibrant automotive sector is leading the way in helping to create jobs and generate growth.
The Automotive Investment Organisation can take some of the credit. It has got off to a cracking start – beating its initial targets by securing over £450 million of investment and creating and safeguarding more than 5,600 jobs in its first year.
The AIO, part of UK Trade and Investment, was originally funded with an investment of £3 million over 2 years. It was created following a 2012 report by the Automotive Council, which found there was an additional £3 billion of new business that could be won by UK suppliers and overseas companies looking to set up or expand manufacturing facilities in the UK.
Recent examples of AIO project successes have included Canadian car manufacturer, Multimatic, announcing a new £59 million investment project which will see the creation of 232 jobs in the UK.
Part of Multimatic’s investment proposal will be a new research and development facility in Norfolk and a manufacturing plant in Coventry focused on the production of advanced composite components to support the development of lightweight vehicles.
The AIO has also helped BorgWarner establish a Turbocharger Centre of Excellence and launch a research and development collaboration programme with the University of Huddersfield. BorgWarner has been able to secure a supply contract for JLR as a result of this investment. Both projects have resulted in more than 200 new jobs – with a combined investment of £26 million.
CEO of the Automotive Investment Organisation and former Chair of Ford, Joe Greenwell said:
The UK automotive sector is thriving and ‘brand Britain’ vehicles are recognised around the world as a mark of premium quality, reliability and innovation.
These first year results for the AIO are testament to the high regard in which the UK industry is held internationally, and I’m pleased we’ve been able to surpass our targets, securing thousands of UK jobs and hundreds of thousands of pounds of investment into the UK. I look forward to building on this in the weeks, months and years ahead as we continue to buck the trend across the rest of Europe by growing our car production.
The 2014 Manufacturing Summit, which is being held in Liverpool, aims to bring together more than 200 manufacturing business leaders to discuss with ministers the latest progress on the Industrial Strategy, upcoming challenges and next steps for the sector as government continues to put manufacturing at the heart of its growth programme.
Source: BIS Press Release