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LEP highlights record direct foreign investment
High levels of investment and expansion from foreign-owned companies have resulted in a significant increase in foreign direct investment (FDI) in the Thames Valley Berkshire Local Enterprise Partnership (LEP) sub-region. A total of 67 FDI projects entered the LEP area in the past 12 months, equating to a 52% increase compared to the previous year. A large proportion of the projects were classified as good or high- value wins, and they created 1,714 new jobs, a 68% increase on the previous year, with the highest level of investment from the Americas, EMEA and Asia Pacific.
While technology-based firms continued to dominate, there was strong representation and growth across all sectors including financial and professional business services, advanced engineering, manufacturing, life sciences and healthcare. These results reflect the strength and
attractiveness of Thames Valley Berkshire as a location for FDI.
The strategic relationship between the Thames Valley Chamber of Commerce and TVB LEP has been instrumental in securing sustained levels of inward investment and bringing in new and exciting opportunities to the area.
Seqirus, for example, the second-largest influenza vaccine provider in the world, recently chose to establish its new corporate offices in Maidenhead, creating more than 100 managerial and highly-skilled jobs in the Thames Valley, Berkshire area.
Gordon Naylor, president of Seqirus, commented: “We were keen to build a strong presence in the UK, and the Thames Valley proved to be the perfect gateway to reach our global manufacturing facilities and internationally-based customers. With the network of likeminded businesses in the
area and ongoing support from the Thames Valley Chamber and Berkshire LEP, the move has been very well received.”
Paul Britton, chief executive at Thames Valley Chamber of Commerce Group, commented: “These figures, we believe, place Thames Valley Berkshire LEP at the very top table as one of the most successful LEP areas, outside of London, in securing FDI into the UK.
“While traditionally technology companies have been the driving force, we have seen impressive growth across the spectrum. With excellent transportation links, proximity to London Heathrow airport, industry centres of excellence, world-class universities and an encompassing support network of businesses, Berkshire continues to build on an impressive base, reaffirming its place as an ideal location for organisations wanting to set-up, operate and grow from the UK.”
Peter Read, chairman of Thames Valley Berkshire LEP, added: “These are brilliant results. In a global economy, where we are competing against other locations worldwide, Thames Valley Berkshire continues to more than hold its own.
“These results are reflected in our third Growth Deal proposal to government which highlighted that Thames Valley Berkshire has seen the greatest overall growth in productivity of all LEP areas and has the highest proportion of foreign-owned businesses.
"Government investment into this region would further drive economic growth and send a strong and positive message to those international companies with UK, European or global HQs in Thames Valley Berkshire. Their retention is more critical than ever, not only to secure the economic contribution they make but also to sustain the supply chain they share with other, smaller businesses.
Back to the future for MG
It’s back to the future as the latest MG dealership opens in the brand’s historic birthplace. Lodge Hill Garage in Abingdon is just a stone’s throw away from the site of the original MG factory where cars were built from 1929 to 1980. Now the latest MG3 and MG GS models are proudly displayed in the showroom of the UK’s latest MG dealership.
The Abingdon dealership joins one of the fastest-
growing brands in Britain as new MGs in the Oxford and Abingdon area created a wave of interest. Lodge Hill’s principal Nigel Murrin said: “We’ve had a huge response from people wishing us well and saying how glad they are to see the MG name back. It’s just a reminder how much passion there is for the brand.
“Now we’re planning to repay that with a huge official opening weekend event and we will be
THE BUSINESS MAGAZINE – THAMES VALLEY – OCTOBER 2016
confirming the dates very shortly.”
Lodge Hill Garage is on the Oxford Road in Abingdon, the main commuter route between Abingdon and Oxford and is easy to spot with a full-size replica of an RAF Spitfire on the forecourt.
Matthew Cheyne, MG’s head of sales and marketing, said: “It’s always great to welcome new dealers to our brand, but even more so to now have a dealer representing us in the very birthplace of MG.”
MG’s summertime sales boom continues to accelerate, with dealers up and down the country reporting record requests for MG3 and MG GS test drives. MG Motor UK sales so far this year are way ahead of last year’s figures and it is expected that 2016 will be a record year.
While the UK car industry has increased by an average of 2.8% so far this year, MG’s growth is more than five times that level, with official figures showing the brand is up more than 15% year to date.
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