Tim Newns

Midas ‘helped create 3,000 jobs last year’

Midas, Manchester's inward investment agency, says it exceeded job creation targets across Greater Manchester in 2011/12.

The investment agency's end-of-year figures show that 70 successful projects created 3,114 jobs and assisted in safeguarding 460 jobs. The target was to create 3,000 jobs.

Of the 70 projects, 36 were foreign direct investment, from markets including North America (42%); Asia-Pacific – including China and India (36%); Europe (19%); and the Middle East (3%).

Tim Newns, chief executive of Midas, said: "These results show Greater Manchester in a very strong light, against a year with an economic backdrop heavily affected by the Eurozone crisis and wavering investor confidence globally.

"Growth markets such as India and China have come to the fore with highlights including Indian firm Aegis' creation of 600 jobs and Chinese company ePro's investment in Trafford.

"North America still continues to provide significant investment, with companies such as Americhem and Tygavac adding to Asda Wal-Mart's investment in a new distribution and recycling centre at Kingsway, Rochdale creating 800 jobs in the area.

"Looking ahead, it is important that we continue to enhance Manchester's reputation as a science city in international markets, exploiting not just the potential of leading research areas such as graphene, but the wider research and development opportunities in sectors such as biomedical sciences, advanced manufacturing, energy and environment and digital and ICT, underpinned by the strengths and opportunities at the universities, science park and Enterprise Zone."

In addition to its funding from the Greater Manchester Combined Authority, Midas benefited from further support from the sector investment programme, an ERDF-funded initiative aimed at generating growth in key sectors. It has also been working closely with UKTI on a more integrated approach to trade and investment, following the signing of a memorandum of understanding last year.

Michael Oglesby, chairman of Bruntwood and chairman of Midas, added: "There is no doubt that market conditions remain challenging but with the investment that is going in to infrastructure through projects such as the Northern Rail Hub, Airport City Enterprise Zone, Metrolink expansion and next generation broadband, Manchester can continue to grow its reputation globally as a first-class business location.

"Looking at the level of success from overseas markets, it's great to see that Asia-Pacific, including China and India, is representing a significant amount of investment into the city. Midas has been focusing on these growth markets as part of a targeted strategy and it's encouraging to see that these efforts are paying off.

"The internationalisation agenda is vital for Manchester's continuing economic growth in terms of inward investment and exports and it is important that we now build on our work in the BRIC economies and also look to the next growth markets such as Turkey and Korea."

Midas aims to generate and nurture investment across the following sectors in Greater Manchester: biomedical sciences and healthcare; creative, digital and ICT; energy and environment; financial and business services; and advanced manufacturing.

Your Comments

How many of these jobs would have come to Manchester anyway? I guess most of them. Leave it to the private property agents to promote the area. Midas is the very sort of self-serving quango soaking up millions of pounds of public funding that noone would miss if it was should down tonight.

By Nigel

Private property agents have a part to play but like much private enterprise, their priority is to represent their clients’ individual interests rather than devote much time and resources towards the wider (Greater Manchester) good.

By Public good

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