Tech Firms in the West Midlands Invited to Join Hong Kong Trade Mission

By Anushka Malhotra

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Investment

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Quick Read: Tech firms from the South West and West Midlands are invited to join a trade mission to Hong Kong, offering opportunities to export to the Asia Pacific region.

Tech West England Advocates extends an invitation to businesses from the South West and West Midlands to participate in a trade mission to Hong Kong, facilitating opportunities for tech exports to the Asia Pacific region.

The trade mission, scheduled from October 21-25, 2024, welcomes founders and investors with export-ready technologies across various sectors, including clean tech, health tech, fintech, AI, and robotics. Participants will engage in visits to science parks, meet local entrepreneurs and investors, and partake in a reverse pitch investor event.

Richard Lowe, founder of Tech West England Advocates, underscores Hong Kong's vibrant tech ecosystem, urging businesses to seize the chance for expansion. Russ Shaw, founder of Tech London Advocates, highlights the fruitful opportunities for building enduring relationships.

Organised by Hewlett Rand in collaboration with KPMG, Eaton Club, and Pitchflix, along with several esteemed partners, including InvestHK and techUK, the trade mission promises a platform for fostering international tech collaborations.

Founders, investors, and venture capitalists interested in joining can apply via email to contact@techwestenglandadvocates.co.uk.

What's new

Overseas Investment in West Midlands Soars, But Other Regions Lag Behind

Overseas investment into the UK rose in 2023, according to new EY research, but the national increase obscured deep regional imbalances. The West Midlands recorded a 72 percent increase in overseas investment projects last year, creating almost 7,000 jobs. The region, which includes cities like Birmingham, Coventry, and Wolverhampton, received 172 projects, second only to London in the number of projects and jobs created.

"The West Midlands' UK-leading FDI figures are testament to the strength of our frontier technologies and our talented workforce"

said Richard Parker, Mayor of the West Midlands.

Given the number of jobs created through overseas investment, Parker emphasised the importance of ensuring that the region's skill base matches global demand.

Greater London also saw growth, recording a 20 percent increase in FDI projects, driven primarily by the tech and financial services sectors. Scotland experienced a 14 percent increase in investment projects, bringing its annual total to 142, the highest on record. This increase was largely due to a rise in renewable energy investments.

However, regions across the north of England faced challenges. FDI projects fell by 22 percent, with Manchester suffering the most. Having been the top spot for international investors outside London in 2022, Manchester fell behind Birmingham and Edinburgh last year after FDI projects dropped by 31 percent. Yorkshire and the North West recorded their lowest levels of FDI projects since 2014.

"Last year proved challenging for the North West, and Manchester slipped down the rankings after a drop in investment numbers,"

commented Peter Arnold, EY UK Chief Economist.

The UK economy has consistently been held back by regional imbalances. In her Mais lecture, Chancellor Rachel Reeves noted that productivity lagged the national average in all of England's largest cities.

Arnold highlighted that improving the attractiveness of the UK's regions could be a crucial driver of investment and growth in the coming years. The EY survey indicated that the most important factors for investors considering regional investments outside London were access to regional grants and the skills of the local workforce.

"The diversity of sectors outside the capital could become a significant asset for the UK if it plays to its regional strengths,"

Arnold said.

"Manufacturing and utility supply are key sectors in Scotland, the North, and the Midlands. With targeted strategic investment and support, these areas have the potential to emerge as vital hubs for the innovation and implementation of sustainable technologies, driving the nation's progress in the clean tech arena."

By Anushka Malhotra

11 Jul

An image of the outside of selfridges in birmingham from below looking up. You can see the iconic silver circles with the blue background of the building and the sky on a sunny day

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