Investment Attraction
Invest in Manchester
Full Credential Description
In 2022, MIDAS, Greater Manchesters Inward Investment Agency, faced the challenge of attracting new investment to the region while ensuring that the jobs created were of high quality and aligned with the citys long-term economic priorities. The agency successfully closed 52 projects, resulting in the creation of 2,966 jobs, all of which paid above the real living wage, with nearly 70% offering salaries of at least £35,000. This strategic focus on high-quality job creation was a response to the need for a more prosperous and inclusive society in Greater Manchester.
To address these challenges, MIDAS tailored its approach by actively targeting businesses that are leaders in their respective fields, particularly in sectors such as Advanced Manufacturing, Creative, Digital and Technology, Life Sciences, Low Carbon, and Financial Professional & Business Services. The agency reported a significant increase in R&D projects, nearly doubling the number won compared to previous years. Notable companies that established a presence in the region included Digital Transformation Specialists 6point6, Graphene Innovations Inc, and Global IT Consultancy Firm Navtek Solutions. This influx of innovative companies is crucial for driving growth and developing new solutions across various industries.
The establishment of ten new head offices in 2022, including those of Global Energy Specialists Bouygues Energies & Services, Accountancy App Rupee, and Manufacturing Supplier Drillco, further exemplified the diverse growth in Greater Manchester. The economic impact of these projects was substantial, with a reported £180 million gross value added (GVA) contribution linked directly to the jobs created. This figure does not account for the additional capital investment from these companies, which is expected to further enhance the regional economy. MIDAS's efforts have not only attracted high-quality companies but have also fostered a supportive ecosystem that encourages collaboration and innovation, positioning Greater Manchester as a leading hub for investment and growth.