Heart of the South West (HOTSW) has signed a Memorandum of Understanding (MoU) with UK Trade & Investment (UKTI), making it the official government body responsible for coordinating foreign direct investment across the area.

HOTSW, the Local Enterprise Partnership (LEP) for Devon and Somerset, Plymouth and Torbay will be working closely with UKTI to promote the area to potential overseas investors.

The Memorandum represents an important milestone, illustrating the government’s commitment to LEPs direct role in inward investment.

The MoU has established a protocol about how leads are handled between the two organisations; it also allows the LEP to direct potential investment to the best locations, matching skills and expertise across Devon and Somerset.

Tim Jones, Chairman of HOTSW said: “Heart of the South West is committed to ensuring foreign direct investment into the patch. This Memorandum will give a firm basis for economic growth across the area, streamlining processes and enabling us to be in touch with potential investment opportunities across the globe.

“It will allow foreign investors to get the best possible service - it’s a significant step forward and will generate greater levels of inward investment to the area”.

Gerard Tucker, Chair of the LEP group responsible for dealing with all foreign enquiries generated through the UKTi said: “This is a very positive development for Heart of the South West.

“We look forward to working with government, local business and foreign investors to create more opportunities for development."

More information about the work of the LEP is available from the website www.heartofswlep.co.uk.
 
ENDS