Investment Attraction

High Value Manufacturing Catapult (HVMC) has signed a Memorandum of Understanding (MOU) with Greater Manchester to provide a £1.7 billion manufacturing boost aimed at expanding and diversifying the local economy. The collaboration is designed to address specific challenges faced by the Greater Manchester area, which is currently in the bottom 20% for public sector spending on research and development (R&D) and ranks low in the number of tech-enabled firm headquarters in key manufacturing sectors.

The tailored solution involves HVMC leveraging its strong relationships with innovation stakeholders to attract and retain an additional £1.2 billion in high-tech foreign direct investment (FDI). This initiative is expected to significantly enhance the productivity of local manufacturing businesses through targeted support for research and development. The partnership aims to stimulate economic growth by helping businesses embrace innovation, which is crucial for creating high-quality, well-paid jobs in the region.

Quantifiable results anticipated from this collaboration include the potential to double the size of critical sectors such as pharmaceuticals, materials, agri-food, and med-tech, which currently represent about 15% of the local business base. If the region can match the global growth rate in manufacturing, this initiative could generate an additional 15,000 gross jobs over the next decade. The HVMC, which has a history of working with over 5,500 industrial partners, is committed to fostering an innovation ecosystem that will position Greater Manchester at the forefront of the fourth industrial revolution.