Huge opportunity for us to create a lasting legacy
status as the most entrepreneurial city outside London for a fourth year in a row with new business creation rising by a quarter.
As well as this, economic output in Solihull grew by 7.7 per cent ; 3.5 times above the national average.
We must build on this momentum – starting by cementing the West Midlands’ global connections. It’s well known that we are the only region in the UK to have a trade surplus with China, but our international credentials must continue to strengthen as Brexit draws nearer. Trade missions to China, India and Qatar are just the start.
Maintaining our commitment to capitalising on new export and investment markets is vital and must be an area where private and public sector organisations come together to promote the region and its businesses.
The commitment made by HSBC in confirming the move of its retail banking arm to the city, as well as financial services player Lombard Risk, who opened its new Broad Street-based technology centre, illustrate the region’s strength as a business destination.
Highlighting the area’s affordability, access to labour and enhanced quality of life should remain a focus moving forwards in the attraction of more foreign corporate investment and facilitating indigenous growth.
Look out across the city’s skyline and the contingent of cranes is testament to the burgeoning number of construction and regeneration initiatives already underway.
The best is still to come, and in 2017 we will see more positive effects of HS2 come to fruition – with the National College of High Speed Rail opening its doors in September. HS2 is so much more than a rail line, it is a catalyst for evolution and reconnection of the east side of Birmingham and the further growth of UK Central around the interchange site.
It also promises the chance of billions of pounds of contracts for local businesses and the potential of a generation of employment opportunities for local people across a wide variety of specialisms.
The launch of the Government’s Green Paper on developing a national Industrial Strategy provides further opportunities for the region.
We are well placed to contribute to its delivery, with globally competitive industries including automotive and aerospace, low carbon transport and medical technologies that can grow further and faster through new sector deals, and other emerging sectors poised to develop into industries for the future.
The prospect of further devolution awards the West Midlands even greater control over its own destiny. Fostering conditions for international trade, attracting inward investment and becoming known as a centre for innovation alongside improving skills levels, increasing connectivity and land supply will further enhance the region’s status as a global economic force in 2017.
Katie Trout is Director of the Greater Birmingham and Solihull
Local Enterprise Partnership
HS2 promises the chance of billions of pounds of contracts for local businesses and the potential of a generation of employment opportunities