WEDNESDAY 26th OCTOBER 2011
US Investment
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Business Birmingham heads to Chicago to attract US investment
A delegation of leading civic, business and education organisations from Birmingham – including the city’s inward investment programme, Business Birmingham – visited sister city Chicago in October to promote closer links and investment opportunities.
The successful five-day trip included meetings between Council leader Mike Whitby and the senior management of new Cadbury’s owners Kraft Foods. Alongside officials from Birmingham Airport, the delegation also met with one of the world’s largest airlines, Chicago-based UNITED Airlines, and the Chicago Aviation Commissioner, to highlight the need for direct flights between the two cities to be re-introduced. Additional meetings took place with Rahm Emanuel, Mayor of Chicago.
Representatives from Business Birmingham, The University of Birmingham and Birmingham City University also visited the US city to promote Birmingham as a centre of business, investment and educational opportunity.
Cllr Whitby said:
Birmingham enjoys a special relationship with Chicago. We have been twinned since 1993 and particularly with the investment of Kraft Foods in Bournville, continue to develop and strengthen our links with the city. The US is a prime target for our investment drive and promoting the opportunities for US companies to build on the success of Kraft’s investment is key.”
The US is the largest inward investor to Birmingham and the West Midlands, investing £2 billion since 2003. Over 350 North American companies, including Microsoft, Motorola and Kraft Foods – which is headquartered in Chicago – provide employment for 60,000 people in the area.
In addition to visiting Chicago, Wouter Schuitemaker, Investment Director at Business Birmingham, met with businesses and inward investment experts in New York. The two trips are part of a wider drive by Business Birmingham’s team to attract US investment to the city, which includes a delegation visiting Atlanta in November, plus trips to San Francisco and Orlando in March 2012.
Schuitemaker added:
Our visit to Chicago was highly successful, enabling us to meet a number of businesses and inward investment specialists and highlight how Birmingham is an attractive destination for US companies. The similarities between the two cities – such as our connected transport networks, strong financial services sector and manufacturing expertise – further demonstrates why it is advantageous for businesses in Chicago to locate overseas operations in Birmingham.
The US is a leading investor in Birmingham, and remains a key market for the city. While there are opportunities for us to attract investment from developing markets, the strong relationship between the US and UK will play a crucial role in encouraging economic growth locally. With many US businesses looking to set up departments overseas, we are continuing to raise Birmingham’s profile internationally to make the most of this opportunity.”
The special US-UK trade relationship continues to grow. The US invested $9.37billion in the UK in 2010. This investment was made across 340 projects and created 32,450 jobs. Job creation by US companies in the UK is looking strong; results from the first two months of 2011 show a rise of 78% – almost doubling last year’s performance. On this basis the number of jobs created would hit 58,000 by the end of the year, compared with 32,450 last year.
Birmingham recently ranked in the top 20 ‘best city to locate a business’ by Cushman & Wakefield’s European Cities Monitor 2011 (18th). Birmingham is one of only three UK cities to feature in the survey’s top 20. Birmingham was also 26th in terms of growth in investment among global cities – up by nearly 60% – the second highest growth rate of any UK city.
