Unlocking Inward Investment Potential: The North East’s Diverse Talent Pool
In 2024, the North East stands poised to attract significant inward investment, fuelled by its rich and diverse talent pool across various sectors, including engineering, manufacturing, digital innovation and property development.
As UK industries evolve and adapt to changing landscapes, the North East emerges as a hotspot for businesses seeking practical expertise and skilled professionals to drive growth and innovation.
Engineering
With a strong legacy in engineering and manufacturing, the North East boasts a wealth of talent in disciplines such as automotive, aerospace and renewable energy. Companies like JDR Cables, a leading provider of subsea power cables for the energy sector, and Teesworks, a transformative industrial development site, exemplify the region's capability to deliver cutting-edge engineering solutions to address pressing global challenges.
Manufacturing
The North East’s manufacturing sector continues to thrive, characterised by a blend of traditional craftsmanship and advanced technologies. Nissan, with its flagship plant in Sunderland, exemplifies the region’s manufacturing skills, producing over 400,000 vehicles annually and contributing significantly to the local economy.
Digital innovation
In recent years, the North East has emerged as a dynamic hub for digital innovation, fuelled by a vibrant ecosystem of startups, incubators and tech enterprises. Sunderland Software City, a pioneering organisation dedicated to supporting the growth of the digital sector in the region, plays a pivotal role in driving innovation and fostering collaboration among businesses and entrepreneurs. Sage UK, a global leader in cloud-based accounting software, is another notable player contributing to the region’s digital innovation landscape.
Property Development
Property schemes like Founders Place and Riverside Sunderland are pivotal components in the North East's strategy to attract inward investment and foster economic growth. Founders Place represents a fusion of historical significance and modern urban development. Boasting commercial spaces, residential accommodations, and leisure facilities, this development is a testament to the region's commitment to revitalising its urban landscape. Similarly, Riverside Sunderland, with its ambitious plans for mixed-use development along the River Wear, offers a unique opportunity for businesses and residents alike to thrive in a vibrant waterfront setting.
The North East’s vision for economic growth extends to the entertainment industry, with plans underway for a £450 million film studio complex in Sunderland. Crown Works Studios aims to bolster the region’s creative sector and attract major productions, putting the North East on the map as a hub for film and television. With state-of-the-art facilities and a strategic location, the studio complex promises to create numerous job opportunities and stimulate ancillary industries, further diversifying the region’s economy and enhancing its cultural landscape.
Additionally, The Sage ICC and Arena in Newcastle Gateshead plans to serve as a beacon for cultural and entertainment excellence in the North East. An iconic venue renowned for its world-class performances and events, The Sage ICC and Arena will attract visitors from across the region and beyond, contributing to the vibrancy and appeal of Newcastle Gateshead as a premier destination for arts and entertainment.
Driving Growth
As businesses look to diversify their operations and tap into new markets, the North East offers a compelling value proposition. Its diverse talent pool, coupled with a supportive business environment and strategic location, makes it an attractive destination for inward investment.
Whether attracting world-class engineering expertise from companies like Protium Green Solutions, harnessing manufacturing capabilities at Nissan’s Sunderland plant, or leveraging digital innovation through organisations like Sunderland Software City, the North East provides a platform for growth and success.
Looking ahead
In 2024 and beyond, the North East stands ready to welcome investors, entrepreneurs and innovators seeking to unlock the region's full potential and contribute to its ongoing success story.
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