Manchester’s inward investment agency, MIDAS, has become the first agency in the country to sign a Memorandum of Understanding (MoU) with UK Trade and Investment (UKTI), linked to the new national inward investment contract.
The MoU recognises MIDAS as the sole point of contact for Foreign Direct Investment (FDI) in Greater Manchester, acting on behalf of Manchester’s Local Enterprise Partnership and co-ordinating investment activity across a range of organisations. It is a partnership agreement between MIDAS and UKTI, which sets out a delivery arrangement aimed at securing maximum levels of FDI into the area.
UKTI will operate a ‘UK First’ model, which directs projects into the UK in favour of targeting other countries. MIDAS will work alongside UKTI to identify those projects for which Greater Manchester presents a natural home. This approach will strengthen and support the region’s inward investment objectives, help MIDAS to drive forward its internationalisation agenda and add significant value to the service already delivered here.
Angie Robinson, chief executive of MIDAS, said: “We are delighted to announce the formal signing of this agreement, which is the culmination of months of detailed negotiations. We are clear that the agreement now in place adds value to the already successful service provided by MIDAS. It ensures that there is no duplication of effort or resource and most importantly, offers a single point of contact for the businesses with whom we work.
“In addition, it allows for a new way of working and significant opportunities for Greater Manchester. Going forward, MIDAS will work directly with UKTI, both in the UK and overseas, to ensure that the strength that Greater Manchester has in key sectors and the talent base and commercial opportunities that exist here, are promoted globally alongside London and other areas of the UK.”
MIDAS will continue to generate project leads on behalf of Greater Manchester and to account manage foreign operating companies which choose to relocate to the city. Its core services will remain unchanged.
The MoU follows the appointment earlier this year of PA Consulting as the national contractor for the inward investment contract in the UK. This MoU is one of a number of bespoke memorandums being developed across the country.