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Car manufacturers seek out £3bn investment

UK car manufacturers met with potential investors from global markets on Tuesday, in an event organised by UK Trade and Investment (UKTI).

This summer a report issued by the Automotive Council found that manufacturers already spend £8.4bn with British suppliers, but also wish to spend more.

UKTI identified an opportunity to raise a further £3bn a year within the automotive industry, as a result of these findings.

Car manufacturers met with supply chain companies at Chelsea Football Club on Tuesday, where the Government will outline how the automotive industry can benefit and grow from its Industrial Strategy and work alongside the Automotive Council.

Co-Chair of the Automotive Council, Richard Parry-Jones, commented: “Our major manufacturers have already repatriated hundreds of millions of pounds worth of business to the UK. But there is the potential to win back so much more.

“With global vehicle makers investing millions in R&D and manufacturing projects in the UK, there is a real opportunity for more UK suppliers to become global players and to persuade new suppliers to base themselves here.

“Government and industry working through the Automotive Council are determined to help them grasp these opportunities in order to strengthen the UK supply base and secure growth and high value manufacturing jobs.”

Nick Baird, chief executive at UK Trade & Investment, said: “The resurgence of our car industry is a major British success story.

“Backed by substantial inward investment, the sector now employs over 700,000 people and accounts for nine per cent of our exports.

“Britain strongly welcomes inward investment which is important to enable our manufacturers to produce more components for the UK automotive supply chain.”

Business Minister Michael Fallon, added: “We need to do all we can to make sure the UK supply chain takes better advantage of business opportunities in the automotive sector, and showing global businesses what the UK has to offer will help make this happen.

“This will not only secure valuable business deals for UK firms, but further strengthen the success of the UK automotive sector.”

Last year alone the UK manufactured 1.4m cars, and predictions show the industry will make 2m by 2015.

This was posted in Bdaily's Members' News section by Miranda Dobson .