West Midlands Mayor travels to China for first overseas trade mission
West Midlands Mayor Richard Parker has embarked on his first overseas trade mission in a bid to attract investment to the region.
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Mr Parker is in China today (Monday, March 17), holding’ top-level’ meetings with senior business figures in Shenzhen, Chongqing, and Shanghai.
A key part of the discussions will be opportunities within the 25-year West Midlands Investment Zone, which is focussed on driving growth in advanced manufacturing, green industries, health-tech and underlying digital technologies and aims to bring in £5.5 billion investment and create more than 30,000 new jobs.
It will benefit from tax incentives, direct funding, and business rate retention within the zone, which could see up to £1.5 billion reinvested into the West Midlands instead of going into government coffers.
While the Zone covers the entire region, it will be powered through three specific sites with bespoke funding and incentives for businesses who set up there.
These include the Birmingham Knowledge Quarter – running northeast from the Birmingham City and Aston universities through Duddeston and Nechells to Aston.
The Quarter will offer tax incentives, business rates retention and receive £9m investment for public realm works and active travel infrastructure to help attract investment.
The Wolverhampton Green Innovation Corridor will create new green industries and skills through a partnership between the city council and university with £7m investment for land remediation and key infrastructure.
The Coventry-Warwick Gigapark at Coventry Airport, anchored by a new battery gigafactory and associated businesses and technologies, will get tax incentives, business rates retention and £23m investment for land remediation, infrastructure and connection to power grids.
Mr Parker said: “I have a clear plan to make our region a global hub for cutting-edge battery technology, clean energy, and health tech – sectors where we see major opportunities for growth.
“China is already a key partner with a track record of investments in the West Midlands. And we are ready to work with new investors who share our vision.
“We have the people, the ideas and shovel-ready sites, including prime land for a gigafactory.
“That’s my plan to secure investment that will create tens of thousands of jobs, back innovative businesses and position our region at the forefront of a growing national economy.”
The Mayor will also be promoting the West Midlands Global Growth Programme – a fully funded support package, offering international innovation-led companies a springboard to success in the region – which is run by West Midlands Growth Company.
