Warwickshire's strength in technology showcased at Global Investment Summit
On Monday 27th November, the UK hosted the 2023 Global Investment Summit (GIS) focused on attracting investment into the UK, and building on a similar event in 2022.
The event, at Hampton Court Palace, showcased £29.5bn of new and recently announced investment into the UK, with an audience including global CEOs and investors. These included Stephen Schwarzman from Blackstone, Amanda Blanc at Aviva, David Soloman from Goldman Sachs and Jamie Dimon at JP Morgan Chase. It was followed by a reception at Buckingham Palace hosted by His Majesty the King.
There was a focus on fast growing and innovative sectors in the UK, including advanced technologies, life sciences, infrastructure and renewable energy. Recent investments cited included BMW and TATA, which are making large investments in the county as well as elsewhere.
Presenting a keynote speech at the event, the Prime Minister said: ‘Attracting global investment is at the heart of my plan for growing the economy. With new funding pouring into key industries like clean energy, life sciences and advanced technology, inward investment is creating high-quality new jobs and driving growth right across the country’.
The summit coincided with the launch of the online Global Investment Atlas 2023 aimed at the delegation and for use by Department for Business & Trade staff around the world to make use of going forwards.
New entries for this year include information on ‘Net Zero Transport Technologies in the West Midlands’ which puts a strong focus on the new Investment Zone West Midlands Gigapark, and MIRA South Site near Nuneaton.
Also developed in time for the event was the profile ‘Connected and Immersive Technologies for Future Mobility in Coventry & Warwickshire,’ promoting the software and enabling technologies for human-machine interface in vehicles, both in the design process and use by consumers in finished vehicles. Warwickshire has a unique offer in the UK, given the clustering of vehicle design and engineering businesses located here, and the number of OEMs based here or operating R&D facilities.
Coventry City Council and Warwickshire County Council was also recently successful in securing up to £7.5million from Innovate UK to be injected into local businesses as part of a new investment programme to drive local innovation and business growth, and this opportunity is also featured in the new profile. The Immersive and Creative Technologies Launchpad programme, funded by Innovate UK, part of UK Research and Innovation, will build on the region’s existing strengths in video game development and other emerging technologies.
The GIS Summit celebrated 12,000 jobs linked to the investment announcements made on the day, and follows the government’s new £4.5 billion Advanced Manufacturing Plan, the £2 billion investment from Nissan in Sunderland, new Investment Zones including the West Midlands Gigapark, and £12 million in funding from the Faraday Battery Challenge to the High Value Manufacturing Catapult at WMG at the University of Warwick to create the new Advanced Materials Battery Industrialisation Centre (AMBIC).
Last year 11,000 jobs were created from inward investment in the Midlands, and with over 50 successful projects, Coventry & Warwickshire was the leading destination in the Midlands per capita.
Cllr Martin Watson, Portfolio holder for Economy at Warwickshire County Council, said: “The GIS Summit is another opportunity for the UK to showcase the great businesses and talent here, and key sectors where the UK has an opportunity for growth and new employment. The Net Zero and Connected and Immersive pitches will help showcase the great offer presented in the county of Warwickshire in the area of future mobility and enabling software technologies”.