UK manufacturing supply chains receive multi-million pound investment
November 27, 2012
Manufacturing supply chains are set to benefit from an £80m investment from the Government’s Advanced Manufacturing Supply Chain Initiative (AMSCI).
The investment is projected to create or safeguard more than 2,160 jobs by the joint public and private sector investment. Manufacturing projects will also be supported and financially backed by the scheme.
The £80 million investment, of which £30 million has been awarded from the initiative subject to due diligence and £50 million being leveraged from private sector partners, is said to help UK supply chains more “globally competitive.”
According to a report, The investments will finance and strengthen 11 manufacturing supply chain projects across the automotive, aerospace and chemical sectors — key areas of the Government’s Industrial Strategy.”
Business Secretary Vince Cable said: “Over half the UK’s exports and almost three quarters of our business research and development activity is in manufacturing, so it’s vital that we create the right conditions to encourage growth in the industry.
“The successful applications in AMSCI Round 1 represent a high quality of projects that bring together businesses and forge new partnerships across various supply chains that will strengthen our presence in Europe and the world.
“Through this initiative Government and industry can work together to help UK supply chains become more globally competitive, and plug the gaps that act as barriers to efficiency and expansion.”
Tees Valley bioprocess manufacturing capability venture, an automotive supplier and a manufacturing proving firm are amongst some of the successful bidders.
The Regional Growth Fund has provided funds to the AMSCI, thanks to a new partnership with the Technology Strategy Board and Birmingham City Council.
Sir Albert Bore, leader of Birmingham City Council labeled the new partnership as “ground-breaking.”
“We are making use of new legislation which gives local authorities the powers for the first time to operate outside their region at a national and even an international level. We hope this will be a model BIS and central government will use again,” he said.
