Northern Powerhouse looks east for investment

British Prime Minister David Cameron urged Singaporean investors to widen their horizons beyond London while looking for investment opportunities in his country.

Speaking in Singapore, Mr Javid said: “Our long-term economic plan seeks to rebalance growth across the regions and nations of the UK, and building a Northern Powerhouse will be a key part of this”.

A trio of Sheffield organisations have joined David Cameron on the first-ever Northern Powerhouse-focused trade mission to South East Asia.

Today Cameron announced more details about the commission for the Singapore Government at a high-level trade summit in Singapore and revealed the contract would be worth approximately £500,000 to Manchester and the North’s economy.

“Petra Group’s announcement that it will open its pioneering manufacturing to the North East of England, creating up to 90 jobs, is testament to the skills and expertise the North East has to offer”.

Northern Powerhouse is a plan which will result in powers being devolved to city regions with a single accountable mayor set to govern the region.

The Prime Minister called for foreign investors to “look at Britain in a new way” by considering opportunities in the “Northern Powerhouse” rather than just London.

Javid added, “This mission – the first of its kind – will demonstrate the strength of the northern regions, which are home to some of the most innovative companies and institutions in the world”.

Rob Wilde, co-founder of Volcanic, who is leading the initiative, said: “Working alongside UKTI we have learnt so much in the last year about exporting our technology and services to the global recruitment market”.

Several companies across the North West have benefitted from participating in the first Northern Powerhouse trade mission, according to UK Trade & Investment (UKTI).