Liam Fox MP launches £30bn global investment drive helping Midlands projects

International Trade Secretary Dr Liam Fox launched the new drive for funding, which he says will 'deliver growth where it is most needed'.

A total of 68 UK investment prospects are being pitched abroad, with one eye firmly on free trade post-Brexit. They include £600 million for the i54 western extension in South Staffordshire and £150m for the Interchange commercial district in Wolverhampton.

Ministers are also trying to attract £381m for the Stafford Gateway masterplan, which will bring new homes, offices and a hotel to the town.

Launching the High Potential Opportunities scheme at a meeting of the Board of Trade in Stirling, Mr Fox said: “This is a bold and ambitious programme, building on the UK’s position as the leading destination for foreign investment in Europe through the government’s modern Industrial Strategy, helping to build a Britain fit for the future.

“The scheme will deliver growth where it is most needed, ensuring that the benefits of global investment are felt in every part of the country.

“And with more than £30 billion worth of new opportunities, my international economic department’s overseas network is working hard to attract top investors to the UK.”

The Department for International Trade works directly with companies in 177 cities in 108 countries around the world.

Last year it claims to have helped to attract 2,265 investment projects which created or safeguarded 108,000 jobs in the UK.

Carolyn Fairbairn, CBI director general, said: “The UK has a strong standing when it comes to attracting investment to these shores.

"That investment leads to real, tangible benefits for people and communities – more jobs, prosperity and choice.

"The department’s drive to attract billions of pounds worth of investment to projects in each corner of the country is warmly welcomed by firms."

As part of the drive, the DIT has launched an online catalogue of British projects that are open to global investment.