The East Midlands Development Agency (emda), has announced
record results for the number of jobs created or safeguarded as a
result of its work in attracting overseas businesses into the
region.
In 2010/11, the Agency was involved in a total of 42 inward
investment successes, against a target of 35, creating or
safeguarding 4,522 jobs against a target of 2,800. The figures echo
the results of a recent European Attractiveness Survey by Ernst
& Young, which found that the Midlands is the most attractive
destination to overseas investors, apart from London.
Over the last decade, East Midlands Development Agency (emda)
has been involved in securing more than 300 inward investment
successes in the East Midlands, with some 30,000 jobs created or
safeguarded as a result of the Agency's efforts.
With the impending abolition of the RDAs, emda's work in
attracting inward investment has now come to an end, and its role
has been picked up by UK Trade & Investment (UKTI), who will
work closely with the Local Enterprise Partnerships.
emda has produced a new booklet 'A Legacy Handbook for Inward
Investment,' which tells the story of emda's involvement in
attracting overseas businesses to locate and grow in the region.
The handbook is available to download from the website
www.emda.org.uk
Inward investment is an important driver to the regional economy
because businesses that operate internationally tend to have higher
rates of productivity and innovation than those that only do
business in the UK. The Agency's research also shows that jobs
created as a result of investment by overseas companies tend to be
good quality, with an annual salary about 10% higher than the
regional average. In addition, a high percentage of inward
investment has been in R&D intensive investments. There are now
more than 2,500 overseas businesses in the region.
Dr Bryan Jackson, emda's Chairman, said: "Global competition for
new investment is fierce, but the East Midlands has proved to be an
attractive location for businesses thanks to its central location,
relatively low cost base and its growing reputation for
technological excellence in a range of key sectors. In the
transport equipment sector for instance, the region has exceptional
capabilities in its research base, complementing the presence of
major manufacturers such as Rolls-Royce, Bombardier, Toyota and
Siemens.
"We are proud of what we have achieved on inward investment in
this region. The handbook that we have produced provides a road-map
for successor bodies on 'how it was done'. We believe that we are
leaving UKTI a very strong platform for continuing success, and it
is important that they draw on the hard-won lessons in our
handbook."
Even during the difficult economic conditions of recent years,
emda has still been successful in attracting major international
businesses to the region. Last year, Changan Automobile Co., one of
China's leading car manufacturers, established a R&D facility
in the region, which is creating 200 high quality jobs. The
investment came about as a result of a visit to Chongqing
Municipality by Bryan Jackson in 2007, where a Memorandum of
Understanding (MoU) was signed to develop collaborative
partnerships between the province and the East Midlands.
Looking to the future delivery of inward investment activities
in the region, Bryan Jackson added: "I hope that UKTI and the other
bodies involved in inward investment from this point onwards, will
continue the good work that emda has done in attracting investors
who create high quality, sustainable jobs across the region."