International strategy announced to attract tourism and boost bilateral trade
An international strategy to open up new overseas markets for West Midlands products and bring multi-million pounds worth of direct foreign investment into the region is to be drawn up as part of the region 's landmark deeper devolution deal.
The Government 's Department for Business and Trade (DBT) will work hand in glove with the region to develop a new global trade and investment strategy, building on the close relationship forged in delivering the Commonwealth Games business and tourism programme (BATP).
The new strategy will build on the success of the programme which has proved hugely successful in maximising the economic benefits of the Games while transforming the image of the West Midlands around the world.
It will also give the region an opportunity to help shape UK trade policy for the benefit of West Midlands businesses and to harness Government resources and expertise in promoting the region on a global stage.
The strategy aims to strengthen and deepen the existing partnership between the West Midlands and DBT to:
- Maximise the opportunity for the West Midlands Combined Authority (WMCA), alongside regional businesses and stakeholders, to contribute to national policy consultations, including the development of new free trade agreements
- Utilise support from the Government 's Office for Investment at a regional level to secure transformational capital and foreign investment opportunities, typically in excess of £100m
- Support the West Midlands Growth Company (WMGC) in its bid to extend the Commonwealth Games business and tourism programme to secure even more trade and investment for the region and the rest of the UK
- Enable the WMCA and WMGC to identify potential DBT investment opportunities and put forward export champions from the region
The landmark deeper devolution deal recently announced by Government, marks a seismic shift in power, funding and responsibility from Whitehall to the region. It will also see the DBT support the staging of business focussed trade missions led by the West Midlands Mayor, similar to the one the West Midlands made to India last November.
Andy Street (pictured), mayor of the West Midlands and WMCA Chair, said: “Thanks to the Commonwealth Games and its accompanying business and tourism programme, we 've seen the number of inward investment leads double and the global reputation of the West Midlands boosted significantly. Now we must build on that success - forging new links to drive tourism, trade & investment and growth.
“Across our region 's key sectors, there is tremendous potential for the West Midlands to win even more international deals and this new strategy will give us a much stronger ability to tap into Government 's considerable resources and expertise to help fulfil that potential. ”