A leading West Midlands figure believes the area is taking vital steps to insulate itself against future downturns in the economy.
Martin Reeves, chief executive of Coventry City Council, understands that while advanced manufacturing and engineering is helping to lead the area out of recession, he thinks the economy is far more balanced than it has traditionally been.
Reeves, who will lead the Coventry and Warwickshire presence at MIPIM next month, believes recent investment announcements underline that the area’s international reputation for research and development will help sustain the recovery.
Chancellor George Osborne last week announced a £60 million investment – half of it from Government – into two new research and development projects which will see development at Ansty.
Reeves said: “The announcements were a case-in point. I am not saying that you can future-proof your industry in such a fast-moving world but the balance of our economy is far better as we are emerging from this recession.
“We have a whole string of companies and sectors who are looking way beyond the next two or three years.
“We have got colleagues at, for example, the Warwick Manufacturing Group and Coventry University – businesses themselves – that are doing research and development on platforms for products in five and even 10 years’ time.
“That doesn’t necessarily guarantee success but it shows to me a much more focused view on future progression.
“And that is the message we are very much taking to MIPIM. With the developments currently planned or underway such as MIRA and National Automotive Innovation Campus we are perfectly placed to attract inward investment in these sectors.
“We think that combined with the range of sites we have, and our very pro-active approach, the future looks very positive.”
Reeves said the links between universities and industry, and the advent of the business-led LEP, means the area has a more concerted approach than at any other stage.
He added: “I wasn’t around in Coventry when the manufacturing of cars and the automotive sector declined in the way that it did, so all I can say is from my role in this now and the role the LEP is that we have to help these successful companies invest in their – and ultimately our – future.
“Those companies have to maximise what is happening at the moment but they understand the nature of the cycle of the industry, in particular automotive.
“In the past we had on over-reliance on the growth of one sector but we are also investing time in ensuring the development of new technology outside automotive, as well as understanding the service sector is really important for Coventry and Warwickshire be it tourism, leisure, sport or professional services.
“It is important not to be complacent but I am much more confident that the economy is better balanced and our focus is right.”
Coventry and Warwickshire is attending MIPIM for the 21st year in succession. The partnership is led by Coventry City Council and supported by around a dozen private sector partners including CW LEP, Coventry and Warwickshire Place Board, Friargate Coventry LLP, Barberry and Wilmott Dixon.
