10 February, 2009
The first of seven reports that will influence Manchester's economic strategy for the next decade is published today as part of the Manchester Independent Economic Review (MIER) – the largest independent economic review to be conducted by a city-region in Europe.
Today’s report focuses inward and indigenous investment. It highlights that:
• investment by foreign firms in Manchester, in contrast to the rest of the UK, does not ‘crowd out’ or displace jobs and investment by domestic firms
• Manchester is one of the best placed cities in the UK to complement the economic strength of London and South East
• Manchester has the second largest concentration of people and businesses in the country with a highly skilled, lower cost workforce
• Domestic companies in Manchester are the main source of investment and productivity
• The city region has the opportunity to emerge from the recession in a strong position thanks to its highly developed and competitive regional infrastructure.
Steven Broomhead, chief executive of the Northwest Regional Development Agency (NWDA) which supported production of the MIER, said: “The purpose of the MIER is to help address the Greater Manchester approach to long term sustainable economic growth. As the NWDA works with partners to develop the Northwest Regional Strategy, it is clear that the findings of the MIER and the challenges they pose for the region’s largest metropolitan economy will be integral to the region’s growth objectives.”
Colin Sinclair, chief executive of MIDAS, Manchester’s Investment and Development Agency, said: "The competition for domestic and international inward investment is fierce. Cities slow to respond will suffer as global capital flows retrench and the domestic investment is put on hold. These are challenging times and Manchester has factored in the implications of a recession and we are working extremely hard to ensure that we are fit for purpose. We are confident of emerging stronger than our competitor cities, not only in the UK, but across Europe.”
Manchester’s Commission for Economic Development, Employment and Skills commissioned the Review and will use it to create a blueprint for driving long-term sustainable economic growth in the Manchester city region.
To view the complete report Growing Inward and Indigenous Investment please visit www.manchester-review.org.uk
Source: Marketing Manchester