Investment Attraction
Invest in Manchester
Full Credential Description
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 region, particularly its low public sector spending on research and development (R&D) and the limited presence of tech-enabled firm headquarters in key manufacturing sectors. Currently, the Greater Manchester area ranks in the bottom 20% for public sector R&D spending and in the bottom third among peers for tech-enabled firms specializing in critical manufacturing sectors.
To tackle these issues, HVMC will focus on attracting and retaining an additional £1.2 billion in high-tech foreign direct investment (FDI) and enhancing the productivity of local manufacturing businesses through targeted support for research and development. This initiative is expected to significantly impact the local economy by potentially doubling 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 successful, this collaboration could create an additional 15,000 gross jobs over the next decade, aligning with the global growth rate in manufacturing.
The partnership aims to foster a world-class innovation ecosystem in Greater Manchester, positioning the region at the forefront of the fourth industrial revolution. By leveraging HVMC's established relationships with innovation stakeholders and its extensive experience working with over 5,500 industrial partners, the initiative seeks to stimulate economic growth and investment, ultimately delivering high-quality jobs that are accessible to all residents.