SEERA SELECT COMMITTEE ON INWARD INVESTMENT

1
SEERA SELECT COMMITTEEON INWARD INVESTMENT

• Paul Wookey
• CEO
• Locate in Kent

2
Context

• Locate in Kent established in 1997
• Company limited by guarantee
• 3 shareholders Sir Graeme Odgers Kent County
  Council and Kent Developers Group
• Board members include 4 public sector and 12
  private sector
• Annual budget 1.3 million
• Current year 40 funding partners
• Success to date
• More than 12,000 jobs
• More than 200 projects

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Why Locate in Kent?

• Past to assist the diversification of the Kent
  economy offset the significant job losses in
  dockyards, those predicted in the Kent Impact
  Study post the opening of the Channel Tunnel.
• Inward investment a key part of the countys
  economic strategy Kent Prospects part of a
  cohesive long term economic strategy.
• Future
• Two growth areas identified in the Sustainable
  Communities initiative-
• Thames Gateway Kent 84,000 new jobs 50,000 new
  homes 2.5 million sq. ft. new commercial space
• Ashford 28,000 new jobs, 31,000 new homes
• and
• East Kent identified by SEEDA as a Priority
  Economic Area in the Regional Economic Strategy
  (contains pockets of high unemployment and high
  deprivation indices).
• Challenge is to respond to these needs and
  opportunities.
• Recognised that attracting new investment to Kent
  from indigenous business and mobile foreign
  direct investment can help to meet the challenge
  of new job creation.

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Response to Issues Report

• Report fails to acknowledge the increasing
  complexity of the inward investment process
• Projects are becoming more complex
• Factors that lead to an investment decision
  require a more sophisticated and professional
  response
• Competitor non-UK locations have become more
  aggressive in an attempt to win new investment
• There is a need for a much more joined up
  approach by a large number of organisations to
  win investment e.g. Abbott Diagnostics is a prime
  example of national/regional and local partners
  working together
• All success should be applauded
• Competition must be avoided.

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SEEDA/Locate in Kent approach

• Established protocol agreement in 2002.
• Defined roles and responsibilities in overseas
  markets with SEEDA taking the lead role
• Locate in Kent ceased employing dedicated agents
  in overseas markets and now works through SEEDAs
  network of representation
• Achieves
• Unnecessary competition
• Success for Kent is a success for SEEDA
• Better use of resource personnel and financial
• Greater collaborative approach/transparency
• Team approach between the two organisations
• Enables Locate in Kent to focus and dedicate its
  resource on challenges presented in growth areas
  and priority economic areas
• Greater efficiency!

6
Aftercare

• Need for focus.
• IDMs valuable resource.
• Maintain focus to support strategically important
  companies dont expand the role too far.
• In Kent, IDM is within Locate in Kent.
• Achieving tangible results through a focussed
  approach.

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Priority areas

• Cannot generalise the situation!
• In east Kent, the AIF concept is leading to a
  collaborative and partnership approach.
• Issues are being addressed in a measured way.
• SEEDA across the organisation, is playing a key
  role in addressing the barriers to investment
  through innovative thinking and
  support/expertise.
• Requires long term sustained commitment.

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Summary

• The system is working, but there is always scope
  for further improvement better dialogue,
  communication, etc.
• SEEDA/LiK established a protocol arrangement to
  avoid competition and create transparency.
• New working arrangements benefit Locate in Kent
  and enables focus on future challenges in a
  collaborative manner.
• IDMs are powerful tool but do not lose their
  focus.
• Addressing the priority areas needs will take
  time no quick fixes!