From doubling the size of MediaCityUK in Salford, to working with Liverpool City Council on a major regeneration project delivering 1,000 new homes; billions of pounds of investment opportunities in the Northern Powerhouse will be showcased to Chinese investors today.
A portfolio of 13 projects offering more than £5 billion of opportunities to Chinese and international investors, will be unveiled by the Chancellor, Phillip Hammond and supported by Northern Powerhouse Minister, Andrew Percy and International Trade Secretary, Dr Liam Fox.
The portfolio will be launched as part of the eighth UK-China Economic and Financial Dialogue (EFD), which will involve a series of events over a two-day period, including discussions on trade, financial services, infrastructure and energy.
Chinese Vice Premier Ma Kai, who brings with him the most senior Chinese delegation to the UK this year, will also have meetings with the Prime Minister and Bank of England Governor Mark Carney, with the overall dialogue focusing on forging a stronger strategic partnership between the UK and China – the world’s second largest economy.
The new portfolio follows the recent strong performance of foreign direct investment into the Northern Powerhouse, which grew at twice the national average last year.
The Chancellor of the Exchequer, Philip Hammond said:
As we seek to take to take the golden era of UK China relations to the next step, we have a major opportunity to open up investment opportunities across the Northern Powerhouse.
This portfolio, opening up billions of pounds of investment ready projects to Chinese investors, will support our work to grow and create jobs across the north, as well as underpin our ambitions to bring world class infrastructure to every corner of Britain.
Northern Powerhouse Minister Andrew Percy said:
Building the Northern Powerhouse is at the heart of our efforts to create an economy that works for everyone.
Investors from abroad know that the North has some of the world’s best and most talented entrepreneurs and businesses, and today we’re showcasing 13 oven-ready opportunities to them which could create thousands of jobs for years to come.
International Trade Secretary, Dr Liam Fox said:
Attracting trade and investment is the foundation of our strong economy, helping to create local jobs, build local businesses and contribute to our national wealth.
These real-time and market-ready projects will build on the successes of the Northern Powerhouse region, which has for centuries been a global hub of commerce, science, technology and innovation. Setting out opportunities like these show to Chinese investors, and to the world, that the UK remains open for business.
Alongside the investment portfolio, the Department for International Trade will also confirm that they are working with 15 Chinese investors on property development and infrastructure projects in the North of England.
The portfolio launch comes at a time of increased appetite for Chinese investment outside of London. Last week, the Department for International Trade brought almost 60 delegates on their first-ever Midlands Engine trade mission to China, where delegates from a wide range of sectors and representatives from local government met with their Chinese counterparts to develop trade, investment, higher education and regional relationships. Between 2010 and 2015, exports of goods from the Midlands to China have more than doubled to £4.5 billion.
Projects within the Northern Powerhouse Investment Portfolio:
AeroCentre, Doncaster: working with Doncaster Sheffield Airport in the next phase of development to create new offices, logistic units and aviation hangars.
Future Carrington, Trafford: opportunities for investment in a large scale residential and employment development in a prime location, providing over 14,000 new jobs and contributing an additional £720m GVA per annum.
Kampus, Manchester: an exciting opportunity to create new city centre apartments and retail including bars, cafes and shops.
Kirkstall Forge, Leeds: an opportunity to develop a new neighbourhood of 1,050 new homes, office space, retail, leisure and community space.
Liverpool Waters, Liverpool: this offers sale of land to develop a full range of uses, as part of an overall £5 billion project which transform the city’s northern docks.
MediaCityUK, Salford, Greater Manchester: home to the BBC, ITV and more than 250 smaller creative and digital businesses, an investment would double the size of MediaCityUK, creating studio, office, residential and retail space.
Pall Mall, Liverpool: this involves working with Liverpool City Council on a major regeneration project delivering 1000 new homes, office space as well as retail leisure and community facilities.
Protos – Ellesmere Port, Cheshire: this project includes a range of investment opportunities in gas fired power generation, energy generation, industrial development and rail and berth infrastructure, generating over 3,000 new jobs with first phase along producing £350m GVA each year.
Sirius Minerals, Polyhalite Project, Whitby, North Yorkshire: an opportunity to invest in the building of the first potash mine in the UK for over 40 years. Full production capacity will be 20 million tonnes per annum, directly creating over 1000 new jobs.
Stockport Exchange, Stockport: an opportunity to provide funding for Stockport Exchange, a brand new mixed-use destination combining high quality office space with retail, leisure facilities and car parking.
Unity, Doncaster: a major regeneration and infrastructure project that will create 3,100 new homes, a transport interchange, school and community uses. There is also an opportunity to invest in commercial space for manufacturing uses, 6000 new jobs, a new power station and a materials recycling facility.
Vaux, Sunderland: an opportunity to invest in a development providing offices, leisure, a hotel, residential and retail space.
Advance Manufacturing Innovation District, Sheffield: an opportunity to invest in an over 2,000 acre centre of excellence for innovation-led advanced manufacturing in metals and materials. Over 4000 new homes will also be created in the district.