The Automotive Investment Organisation set up to spearhead inward investment in to the UK has “smashed” its targets in its first year, the Government says.
- £457 million worth of investment.
- 80 projects funded – beating the target of 60 projects.
- More than 5600 supply chain jobs secured – beating the target of 4000 jobs.
Business Minister Michael Fallon announced ahead of today’s Manufacturig Summit that the Government funded body could “take some of the credit” for the automotive sector’s massive contribution in job creation and growth.
According to Government, the Automotive Investment Organisation has achieved £457 million worth of investment; the funding of 80 projects – beating the target of 60; and more than 5600 supply chain jobs secured – beating the target of 4000 jobs.
“Manufacturing is driving the UK’s recovery and our vibrant automotive sector is leading the way in helping to create jobs and generate growth,” Mr Fallon said.
“The Automotive Investment Organisation can take some of the credit. It has got off to a cracking start – beating its initial targets by securing over £450 million of investment and creating and safeguarding more than 5600 jobs in its first year.”
The organisation, part of UK Trade and Investment, was originally funded with an investment of £3 million over two years. It was created following a 2012 report by the Automotive Council, which found an additional £3 billion of new business could be won by UK suppliers and overseas companies looking to set up or expand manufacturing facilities in the UK.
Recent examples of AIO project successes include Canadian car manufacturer, Multimatic, recently announcing a new £59 million investment project which will see the creation of 232 jobs in the UK.
Part of Multimatic’s investment proposal is a new research and development facility in Norfolk and a manufacturing plant in Coventry focused on the production of advanced composite components to support the development of lightweight vehicles.
CEO of the Automotive Investment Organisation and former chair of Ford, Joe Greenwell said: “The UK automotive sector is thriving and ‘brand Britain’ vehicles are recognised around the world as a mark of premium quality, reliability and innovation.
“These first year results for the AIO are testament to the high regard in which the UK industry is held internationally, and I’m pleased we’ve been able to surpass our targets, securing thousands of UK jobs and hundreds of thousands of pounds of investment into the UK. I look forward to building on this in the weeks, months and years ahead as we continue to buck the trend across the rest of Europe by growing our car production.”