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LEP Perspective: Tees Valley

LEP Perspective: Ben Houchen, Tees Valley Mayor

I am delighted to be working in collaboration with organisations such as the Northern Powerhouse Investment Fund and witnessing some of the investments in small businesses across the region. We are also really pleased that there has been a series of major new business investments in the Tees Valley. This includes £500,000 worth of funding to Communicate Technology, which is looking to create new jobs, along with a £400,000 investment in manufacturer CRESS Systems.

Other highlights for the region include, Sirius Minerals’ massive vote of confidence in the area as it broke the ground on a 23-mile tunnel at Wilton International. When complete it will connect to Sirius’ in-development £3.2bn Woodsmith polyhalite mine in North Yorkshire, to transport fertiliser extracted there to the Tees Valley for export around the world.

Wilton Group also unveiled a £3m state-of-the-art Preparation and Coating Facility for offshore wind turbine components. Tees Valley is at the forefront of the offshore wind industry, a sector incredibly important to the UK as a whole, and this investment shows that Wilton is dedicated to being a key player in the market.

Our business one-stop shop, Tees Valley Business Compass, has also continued its work, backing companies to the tune of more than £560k over the past quarter, covering a range of businesses, from marketing and construction to franchising development.

Looking at future benefits to our region, Tees Engineering Network has hosted a breakfast briefing at which Atlantic SuperConnection and Innogy Renewables set out multimillion-pound supply chain opportunities. Atlantic SuperConnection’s £3bn scheme for an undersea electricity cable from Iceland to the UK could provide a huge boost to businesses.

Finally, a report by global construction firm Mace suggests that this is just the beginning for Tees Valley’s business potential should a “supercharged” free port be established in our area. If linked with our Enterprise Zones, a free port could create more than 17,500 jobs and contribute more than £1bn to the local economy.

I am committed to business growth in Tees Valley and, to attract new investment, I recently embarked on the first of many trade missions to highlight international investment opportunities. By continuing to work in collaboration with our partners, such as NPIF, and having access to first-class business support, the future is looking bright for us.

Ben Houchen
Tees Valley Mayor

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Editors Notes