Focus: North East
North East England is a premier investment
location for North American firms and the
prosperity they bring to our region, in the
form of new jobs and investment, acts as a
real boost to our economy, especially in the
challenging global economic climate.
As the regional development agency for
North East England, One North East is
responsible for stimulating sustainable economic
growth and driving regeneration.
The region is a leading force in the UK for new and renewable technologies, life sciences, advanced process industries and automotive. The region’s development has been boosted by inward investment:
- There are currently 588 foreign investors based in the North East
- In total, these companies employ more than 72,000 employees
- The highest number of foreign investors are from North America, with 180 firms
- After North America is Germany, with 59 companies, and Japan with 47.
North American companies that are already located in North East England include Caterpillar, Procter and Gamble, Cummins Engines and Californian energy giant, Clipper Windpower. Clipper is currently developing a new generation of offshore wind turbines at the region’s Centre of Excellence for New and Renewable Energy (NaREC), in Blyth, Northumberland, including the largest offshore turbine in the world.
North East England remains a fertile business environment for new investors, as well as existing firms looking to reinvest here. The region has recently secured five new companies from North America, creating almost 200 jobs immediately and helping secure a further 10. These investments will retain nearly 1,000 jobs, which is particularly valuable during the current global recession.
New investments include Protein Forest, a high technology protein separation company based in Boston, Massachusetts. Its investment will utilize the North East Proteomics Analysis Facility and will be the company’s European headquarters. North East England also has an unparalleled suite of public sector support for investors looking to create new jobs, safeguard existing posts and pump new investment into their business.
Last year, the Grant for Business Investment (GBI), awarded more than 90 companies a total of £19m to help them grow, which has the potential to create 2,860 new jobs and protect 718 existing posts. Between April 2008 and February this year, 149 payments were administered to firms at a value of £11.2m, creating 1,890 new jobs and safeguarding 819. Capital expenditure pledged by recipient firms is in excess of £150m.
One North East also administers the Research and Development Grant, which is targeted at giving smaller firms the financial stability they need at important times in their evolution to test and develop their innovative products. Since taking control of the scheme in 2005, the Agency has supported 128 projects with grants totaling over £10m, securing over £14m worth of private sector finance for R&D activity. To complement this scheme, the Agency recently began trialing a new Large Company R&D Grant to encourage and assist large firms in the region to carry out commercially-driven research and development into new products and processes with significant business potential.
Grant support has also safeguarded hundreds of jobs for large local based companies such as Convergys and Nike. Once a company has located in North East England, there are a number of support services available to ensure their continued development and success, including advice to access new markets, innovative platforms and the networks to grow their business and wider financial and skills support.
One North East’s Investment and Aftercare team plays a key role
in supporting investors, working alongside regional partners to provide
comprehensive aftercare support to businesses, to encourage
continued investment and embed companies into the region.
This support network includes the three centers of scientific and
technological excellence – the Centre of Excellence for Life
Sciences (CELS), the Centre for Process Innovation (CPI) and
NaREC. The team’s vision is to deliver investment into North East
England by targeting job creation, working with existing companies
to secure reinvestment and promoting the establishment of
strategic partnerships.
North East England can also offer international companies first rate sites and premises in the form of state-of-the-art business parks, coupled with our outstanding quality of life, as seen in our historical and cultural attractions and areas of outstanding natural beauty. North East England has a powerful package to offer any investor looking to the UK for future investment. One North East also has an established presence in North America with the North of England Inward Investment Agency, which includes bases in Chicago, Atlanta, Boston, Los Angeles and Toronto.
The Agency works to deliver investment from North America with a remit of both attracting new companies and communicating with the headquarters of those North American firms based in North East England.
For more information in the US, please contact
Kristen Hirst:
Tel: 404 995 7083
E-mail: Kristen.hirst@northengland.com
For more information in the UK, please contact
Dr Simon Goon, One NorthEast’s Head of Business Investment:
Tel: +44 (0)191 229 6315
E-mail: simon.goon@onenortheast.co.uk
back
