By Daniel Hunter
The Prime Minister David Cameron has today (Friday) announced over £240 million of new investment across the UK and 1,800 new and safeguarded jobs at the UK Investment Summit 2014 in Newport, Wales.
UK and Welsh Governments have also joined forces with leading aircraft manufacturer Airbus to announce a joint investment of more than £100 million into research, development and training which will ensure the UK continues to lead the world in aerospace.
Around £64 million of the £100 million plus investment will support research and development through the Aerospace Technology Institute on a range of projects aimed at streamlining manufacturing processes and developing new technologies.
A total of £48 million is being invested in a project at the Broughton plant in North Wales which will develop new systems and technologies for building aircraft wings.
The announcements follow a record year for investment in the UK during 2013-14 with latest UK Trade & Investment figures showing over 66,000 new jobs created or safeguarded — the highest since 2001 — and 10,000 in Wales alone.
The news comes as work begins on the first phase of a £250 million expansion at Dyson’s hi-tech facility at the Malmesbury site which will create up to 3,000 jobs.
Prime Minister David Cameron said:
“Two months ago I hosted world leaders in Newport for the NATO Summit where we left united in purpose, with a stronger alliance, and better able to keep our people safe. Today’s investment summit, which will see more than 150 business leaders from international companies gather in Newport, is part of our plan to build on this legacy, attract trade and investment, and secure a brighter future for all of Britain. This investment is a vote of confidence in our long-term economic plan and the jobs it will create and safeguard in Wales and across the UK means financial security for more hardworking families.”
Hosted by UK and Welsh Governments, the UK Investment Summit is taking place today at Newport’s Celtic Manor. It aims to build on the legacy of the NATO Summit that was held at the same venue in September, and confirms the Government’s pledge to boost the UK economy by encouraging companies to invest in the UK.
Over 150 business leaders from international companies are gathering at Celtic Manor to celebrate Britain’s overseas investment performance, forge new links, develop new ideas and explore new opportunities.
Wales is developing as a leading force in innovation, cyber security and research and development, attracting global brands. Toyota manufactures its hybrid engines and Airbus manufactures the wings of every A380 aircraft in Wales. It has been a record year for Welsh foreign direct investment for 2013/14 with 79 foreign direct investment projects. All this has helped make the Welsh economy worth £47 billion according to latest figures (2012).
Trade and Investment Minister Lord Livingston said:
“This summit provides a great platform to highlight opportunities across the UK. Inward investment to the UK is already at record levels with Wales in particular achieving strong growth. Investment is flowing from companies around the world into manufacturing, services and infrastructure reflecting the UK’s position as one of the best places to do business in the world.”
The theme of the summit is technology and how technological advances have the ability to transform our everyday lives and the global economy.
The UK will demonstrate its ground-breaking innovation and business opportunities at the summit. Examples of UK innovation and skills will also be on display, including the world’s first 3D printed metal bike frame, a Scubacraft, the Space Saving Desk Table and the 4 Wheel Gravity Bike.
Secretary of State for Wales Stephen Crabb said:
“Innovation and manufacturing are at the heart of the North Wales economy and Airbus is a fantastic success story for the area.
"Today's announcement means the company can now manufacture more of the world's most technologically advanced aircraft wings right here in Wales.
“Companies like Airbus are key to the success of our long term economic plan — helping us rebalance the economy and creating jobs and prosperity for people in Wales.”
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