Friday, November 11, 2016

News: AMID showcased to Chinese investors again

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The Government has put forward the proposed Sheffield-Rotherham Advanced Manufacturing Innovation District (AMID) as the UK bids to attract billions of pounds of investment from China.

A portfolio of 13 projects offering more than £5 billion of opportunities to Chinese and international investors, were unveiled by the Chancellor, Phillip Hammond and supported by Northern Powerhouse Minister, Andrew Percy and International Trade Secretary, Dr Liam Fox. It was launched as part of the eighth UK-China Economic and Financial Dialogue (EFD), which will involve a series of events over a two-day period, including discussions on trade, financial services, infrastructure and energy.

Recognising that high value manufacturing can be key to driving innovation, productivity and exports, civic leaders have committed to the idea of "supercharging" the areas of advanced manufacturing in the Sheffield-Rotherham Economic Corridor. Based around the Advanced Manufacturing Park in Rotherham and surrounding Enterprise Zone, the aim is to develop Europe's largest research-led advanced manufacturing cluster.

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A masterplan for the potential Innovation District is being produced that will be used as a bidding document for accessing monies through the Government's Growth Deal and other funding sources. In the previous devolution proposals, the leaders asked for a £250m commitment to the Sheffield City Region, based around the Innovation District as a national demonstrator for place based innovation programmes with LEPs. It added that "Government investment will be matched by company investment at 50% and further leveraged through local resources to deliver a £600m science and innovation programme over five years."

Sir Nigel Knowles, Sheffield City Region LEP, said: "Sheffield City Region is at the forefront of the Northern Powerhouse with national and global investors showing increased confidence and interest in being part of our success story. With everyone pulling together behind our key investment opportunities we are building a truly competitive centre of business excellence. Last year more than 1,000 jobs were created here by international companies and this growth has brought in £97 million in capital investment."

The AMID was previously featured in last year's "Northern Pitchbook," which helps international investors identify and fund regeneration opportunities in the UK.

The Chancellor of the Exchequer, Philip Hammond said: "As we seek to take to take the golden era of UK China relations to the next step, we have a major opportunity to open up investment opportunities across the Northern Powerhouse.

"This portfolio, opening up billions of pounds of investment ready projects to Chinese investors, will support our work to grow and create jobs across the north, as well as underpin our ambitions to bring world class infrastructure to every corner of Britain."

Images: HM Treasury


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