North England Inward Investment Agency

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ImagesofNorthEngland.jpg
Coverage Map for The North of England Inward Investment Agency
The North of England
Type UK Government
Industry Life Sciences,Advanced Engineering, Energy and Environment, IT and Media, Professional Services
Founded 1999
Headquarters Atlanta,GA, U.S.A.
Key people Kristen Hirst, Vice President Simon Goon, Chairman of Board
Employees 13
Website http://www.northengland.com [5]

The North of England Inward Investment Agency (NoE, North of England, North England) is a UK government sponsored agency that represents two regional development agencies (RDAs) in North England: Northwest Regional Development Agency (NWDA) and One NorthEast (ONE). NoE’s primary function is to work as an ambassador to businesses and therefore attract targeted inward investment to the North of England region.

NoE provides a link between businesses considering European expansion or relocation and resources in North England.[1] Once a company makes the decision to expand or relocate into North England, NoE’s function changes to be a bridge for that transition, working to connect new inward investment companies with the people, resources, funding and more to help minimize risk and increase profitability. Some of the planning services that NoE provides to potential inward investment companies include: industry trends analysis, recruitment and training assistance, matching skills provision to employer needs, site location assistance, legal/customs/taxation information, introductions to private funding, links to academia, as well as UK and region specific economic and market information.

With several offices located throughout the U.S. and Canada NoE targets specific industries that would benefit from the infrastructure in place in the UK. These specific industries include: Life Sciences [6], Energy and Environment [7], IT and Media [8], Advanced Engineering [9], and Professional Services [10].

NoE was established under the Regional Development Agencies Act 1998, all of which were formally launched in eight English regions on 1 April 1999. It is funded from six Government departments:

Each RDA is led by a Chair and a Board of 15 people. The RDA Chairs meet regularly with each other and with Government ministers to advise on national policy. They provide a regional perspective informed by work on the ground with partners and by the extensive consultations they hold in the regions. RDAs help central government ensure that local conditions and local needs are fully taken into account when they draw up national policy.

The Region[edit]

The North England region encompasses the cities of Leeds, Liverpool, Manchester, Newcastle, Sheffield and Sunderland. The North is considered by many to be one of the most culturally dynamic regions in the UK, with an identity separate from that of the rest of England. The underlying structural changes occurring in the North England economy has been impressive. Manchester, Leeds, Newcastle, Sheffield and Liverpool have all outpaced UK national economic growth.[2] The Northwest has a projected £111 billion economy (the 12th largest in Europe),while the Northeast's economy has an annual turnover of £4bn.[3] Healthcare, life sciences,advanced engineering, business and financial services, multimedia and energy are all significant contributors to North England's economic infrastructure. Some of the Region's Top Industries include: Life Sciences [11], Energy and Environment [12], IT and Media [13], Advanced Engineering [14], and Professional Services [15].

Board Members in the Region[edit]

Simon Goon - Chairman

Patrick Kendall- ONE Northeast

Sarah Kemp- NWDA

John Cunliffe- NWDA

Kristen Hirst- NOE

Universities in the Region[edit]

Newcastle University[16]

Northumbria University[17]

Durham University[18]

Lancaster University[19]

Liverpool John Moores University[20]

University of Liverpool[21]

University of Salford[22]

University of Bolton[23]

University of Cumbria[24]

University of Sunderland[25]

University of Manchester[26]

Inward Investment and North England[edit]

Inward investment is the injection of money from an external source into a region, in order to purchase capital goods for a branch of a corporation to locate or develop its presence in the region. Foreign firms are a catalyst for better economic performance. For one thing, they invest more, employ more skilled people and are more productive.[4] Careful consideration should be given to the costs and benefits of attracting inward investors. When locating a business, inward investors seek:[5]

  • A stable macro-economic climate
  • stable political and regulatory environment
  • Market access and open competition
  • A welcoming environment
  • Available sites and/or premises
  • Appropriate, available and reliable utilities and transportation
  • Available skilled workforce
  • Available local suppliers and resources
  • Appropriate education, training and research facilities
  • A good quality of life
  • Manageable regulation and taxation systems
  • Incentive schemes

Foreign firms continue to see the UK as an attractive place for business expansion or business relocation; it is the number one gateway to Europe giving easy access to the 27 member states of the European Union, the world's largest single market, with its population of nearly 500 million.[6] The UK government recently reported that the United States remains the primary source for inward investment in the United Kingdom, accounting for 50 percent of all projects, followed by Germany, Canada, Japan, and France.[7] According to UK Trade and Investment, (UKTI), more than 1,200 overseas companies chose to invest in the UK in 2007, making it the best year ever for inward investment. More than 45,000 new jobs were created last year by companies launching in the UK or expanding existing operations while 58,000 jobs were safeguarded, with US firms accounting for 30% of all new investments during the year.[8]

In North England, energy and world-leading R&D, 4.7 million skilled employees, of which 1.7 million work in science and technology, and quality of life, including low cost of living, has made this region a logical choice for companies seeking to expand or relocate their operations overseas. Inward investment and technical progress in the United Kingdom manufacturing sector

Companies in the Region[edit]

AstraZeneca

Google

General Electric

General Motors/Vauxhall

Caterpillar Inc.

Centers of Excellence[edit]

The Centre of Excellence in Biocatalysis, Biotransformations (Bioprocessing) and Biomanufacture (CoEBio3) [27]

Daresbury Science and Innovation Campus

Joule Centre for Energy Research [28]

New and Renewable Energy Centre (NaREC)

[North East Stem Cell Institute](NESCI) [29]

UK BioBank

UK Centre for Tissue Regeneration [30]

North West Embryonic Stem Cell Centre (NWESCC) [31]

Projects[edit]

MediaCityUK

Offices in North America[edit]

NoE has several offices in the United States, including Atlanta, Boston, Chicago, Newport Beach, and Toronto. Kristen Hirst, Senior Vice President, oversees the agency's operations throughout North America.

Atlanta (South East Region)

3455 Peachtree Road, 5th Floor Atlanta, GA 30326

Boston (New England Region)

8 Franeuil Hall Market Place, 3rd Floor Boston, MA 02109

Chicago (North East & Midwest Region)

444 North Michigan Avenue, Suite 3350 Chicago, IL 60611

Newport Beach (West Coast Region)

4695 MacArthur Court, 11th Floor Newport Beach, CA 92660

Toronto (Canada)

234 Berkeley Street Toronto, ON M5A 2X4

References[edit]

  1. ^ North of England Inward Investment Agency North of England Inward Investment Agency
  2. ^ World Bank, 2008
  3. ^ HM Treasury [1]/
  4. ^ The Economist, “Inward Investment – Top Grade for the UK”, July 2001
  5. ^ The World Bank [2]/
  6. ^ Eurostat, Statistical Office of the European Communities
  7. ^ The Independent [3]/
  8. ^ Foreign and Commonwealth Office [4]/